Theisen Co., a building construction company, holds a 90-day, 6% note for $20,000, dated March 15, which was received from a customer on account. On April 14, the note is discounted at the bank at the rate of 8%.

a. Determine the maturity value of the note.

b. Determine the number of days in the discount period.

c. Determine the amount of the discount. Round to the nearest dollar.

d. Determine the amount of the proceeds.

e. Journalize the entry to record the discounting of the note on April 14.