Question: On September 1, Klondike Co. issued a 90-day note with a face amount of $120,000 to Arctic Apparel Co. for merchandise inventory. a. Determine the

On September 1, Klondike Co. issued a 90-day note with a face amount of $120,000 to Arctic Apparel Co. for merchandise inventory.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.
b. Determine the proceeds of the note, assuming the note is discounted at 8%.

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