Question: 3 . Josh Allen loans Stephon Diggs $ 4 0 0 , 0 0 0 . Allen accepts an 8 % note, which requires quarterly

3. Josh Allen loans Stephon Diggs $400,000. Allen accepts an 8% note, which requires quarterly interest payments for 10 years. The day after receiving the 6th interest payment, Allen decides to sell the note to Rockland Trust. Rockland Trust agrees to purchase it to yield a 9% return.
a. What is the amount that Josh Allen will receive on the sale of the note to Rockland Trust?
b. Prepare the entries that Josh Allen and Rockland Trust will make on the day the note is sold to the bank.

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