On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a
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On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a face amount of $180,000.
a. Determine the proceeds of the note, assuming that the note carries an interest rate of 8%.
b. Determine the proceeds of the note, assuming that the note is discounted at 8%.
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Answer a Face Value of Note 180000 Interest Rate 8 Time Period 90 days Proceeds of ...View the full answer
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Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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