Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $66,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. b. Determine the proceeds of the note, assuming the note is discounted at 9%. Entries for Discounting Notes Payable Ramsey Company issues an $492,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 9%. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize Ramsey's entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity