Question: Purple, Inc. had a 110-day, 7.5% note for $1,050,000, dated May 2 from a customer on account. 1) Determine the maturity date for the note.

Purple, Inc. had a 110-day, 7.5% note for $1,050,000, dated May 2 from a customer on account.

1) Determine the maturity date for the note.

2) Determine the maturity value of the note.

3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the note

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