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On January 1, 2015, Pace Design sold inventory costing $35,000 to Classic Coverings. In return,...

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Accounting

On January 1, 2015, Pace Design sold inventory costing $35,000 to Classic Coverings. In return, Pace Design received a 4-year, 7% note with a face value of $75,000. Blended payments will be made yearly on December 31, and will include principal and interest. The market rate of interest is 9%. Pace Design has a December 31 year-end while Classic Coverings' year-end is September 30. What is the carrying amount of the note?

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