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Business, 12.03.2020 21:30 tay3783

On September 30, 2021, Corso Steel acquired a patent from Thermo Steel. The agreement specified that Corso will pay Thermo $1,000,000 immediately and then another $1,000,000 on September 30, 2023. An interest rate of 8% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) (Use appropriate factor(s) from the tables provided.) Corso should record the acquisition of the patent on September 30, 2021, for what amount?

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On September 30, 2021, Corso Steel acquired a patent from Thermo Steel. The agreement specified that...
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