Solved: Explain-straight-line amortization of the discount, Auditing

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Explain-straight-line amortization of the discount

Response to the following problem:

On June 1, 2013, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $460,000 and a discount rate of 7%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2013?

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Auditing: Explain-straight-line amortization of the discount

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