Question: Proceeds from notes payable Obj. 1 On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount

Proceeds from notes payable Obj. 1 On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $70,000.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.

b. Determine the proceeds of the note, assuming the note is discounted at 6%.

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