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QUESTION
Collier borrowed $175,000 in cash on October 1, 2010 and is required to pay $180,000 on March 1, 2011.
Collier borrowed $175,000 in cash on October 1, 2010 and is required to pay $180,000 on March 1, 2011. What would be the carrying value of the note payable on October 1, 2010 and how much interest is recognized from October 1 to December 31, 2010?
