Proceeds from Notes Payable: On May 15, Frankin Co, borrowed cash from Dakota Bank by issuing a 120-doy note with a face amount of $94,800. Assume a 360 -day year. Required: Determine the proceeds of the note, assuming that the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming that the note is discounted at 10%. x Theok My Whar The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise