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Calculate the net amount of the note payable as of december

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Question - On October 1, 20X1, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. If the company had borrowed the money from a bank to pay the seller immediately, management estimates the bank would have required interest of 9%. Calculate the net amount of the note payable as of December 31, 20X1 (rounded to the nearest dollar).

Reference no: EM132472222

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