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On January 1, a 7-Year, $8,000, Non-Interest-Bearing Note Payable Was

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On January 1, a 7-year, $8,000, non-interest-bearing note payable was issued when the market rate of interest was 7%. What amount should be recorded for the note on the balance sheet at the issue date?
a. $3,570
b. $4,982
c. $11,241
d. $37,725

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