Question: Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below] On May 15, 2022, Powell Incorporated

Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $306,200. The interest rate charged by the bank was 4.75%. The bank made the loan on a discount basis. Exercise 7.7 (Algo) Part a Required: a-1. Calculate the loan proceeds made avallable to Powell

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