Island Corporation owes Mutual Bank a 10% note payable for $100,000 plus $8.000 accrued interest. On October 1, 20X1. Island and Mutual Bank execute an agreement whereby Island will pay Mutual $128.000 on the due date of the note on October 1, 20x3. What will be Island's carrying value of the restructured note? Multiple Choice $100.000 $108.000 $100,000 $108,000 $118,000 $128,000

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16-12-2022
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Island Corporation owes Mutual Bank a 10% note payable for $100,000 plus $8.000 accrued interest. On October 1, 20X1. Island and Mutual Bank execute an agreement whereby Island will pay Mutual $128.000 on the due date of the note on October 1, 20x3. What will be Island's carrying value of the restructured note? Multiple Choice $100.000 $108.000 $100,000 $108,000 $118,000 $128,000

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RioSengupta RioSengupta · Answer 1 · 2022-12-21T06:49:57+01:00

Mutual Bank is owed a 10% note payable for $100,000 plus $8.000 in interest by Island Corporation. On October 1, 20X1. Island and Mutual Bank reach an agreement under which Island will pay Mutual $128.000 on the note's due date of October 1, 20x3. The Island's carrying value of the restructured note is $108,000

What is a Mutual saving Bank?

A mutual savings bank is a form of thrift institution that was initially created to help low-income people. Historically, these people have put their money into long-term, fixed-rate investments like mortgages. Deposits at mutual savings banks (MSBs) are protected by the Federal Deposit Insurance Corporation (FDIC).

Mutual savings banks allow clients to have low-balance accounts while collecting interest.

Principal $100,000 + interest due $8,000 = $108,000

To learn more about Federal Deposit Insurance Corporation, click

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