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What amount should train record for the discount

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On January 1, 2014, Train, Inc. accepts an $80,000, non-interest bearing 3 year note in exchange for equipment it sold to Steam Company. Train originally purchased the equipment for $125,000 and had a book value of $25,000 on the date of the sale. The note was non-interest-bearing. An assumed 11% interest rate is implicit in the agreement. Actual information for 11%, three periods, follows: Present value of 1 0.73119

Question 1: Present value of annuity of 1 2.44371 Refer to Exhibit 13-03. "What amount should Train record for the discount on Notes Receivable?

A. $ 0

B. $16,505

C. $21,505

D. $58,495

Reference no: EM132466875

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