Seattle Company issued a $24,000 face value discount note payable to First Federal Bank on September 1, Year 1. The note had a 4% discount rate and a one-year term.What is the carrying value of the liability appearing on the December 31, Year 1 balance sheet?
A. $23,360
B. $21,440
C. $24,000
D. $23,680
Answer: A
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