Lincoln company - Lincoln Company purchased merchandise...

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Lincoln Company purchased merchandise from Grandville Corp. on September 30,2013. Payment was made in the form of a noninterest-bearing note requiringLincoln to make six annual payments of $6,600 on each September 30, beginning onSeptember 30, 2016.Required:Calculate the amount at which Lincoln should record the note payable andcorresponding purchases on September 30, 2013, assuming that an interest rate of10% properly reflects the time value of money in this situation. (Use PV of $1
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Term
Fall
Professor
MarieMain

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