Sojourn Company purchased equipment on November 1, 2010, and gave a three-month, 9% note with a face

Question:

Sojourn Company purchased equipment on November 1, 2010, and gave a three-month, 9% note with a face value of $20,000. On maturity, January 31, 2011, the note plus interest will be paid to the bank. Fill in the blanks in the followingchart:

Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...