On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14,

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On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note.
On July 14, Silver Co. discounted the note at 12%. Assume a 360-day year.
a. Journalize the entry for Silver to record the proceeds.
b. Record the entry for Silver if Ramon fails to pay at maturity.

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