Solved: At what amount should the discount on notes payable be, Financial Accounting

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At what amount should the discount on notes payable be

On January 1, 2011, London Corporation borrowed $500,000 on a 8%, noninterest bearing note due in four years. The present value of the note on January 1, 2011, was $367,500. London Corporation elects the fair value method for reporting its financial liabilities. On December 31, 2011, it is determined the fair value of the note is $408,150. At what amount should the discount on notes payable be presented on the balance sheet on December 31, 2011?

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Financial Accounting: At what amount should the discount on notes payable be

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