On January 1, 2016, Renaud Company finished architectural design services and accepted in exchange a promissory note with a face value of $400,000 and a maturity date of December 31, 2020. The stated rate of interest is 8% with interest receivable each December 31 through the maturity date. An effective interest rate of 10% is implicit in the agreed-upon price. The ettective amortization method is used. The net carrying value of the note on 1/1/17 is approximately Select one: a $380, 105 b $426,497 c $400,000 d $420617 e $374,641
