On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a

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On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a face amount of $180,000.

a. Determine the proceeds of the note, assuming that the note carries an interest rate of 8%.

b. Determine the proceeds of the note, assuming that the note is discounted at 8%.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 08, 2021 09:12 AM

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On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a

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Answer a Face Value of Note 180000 Interest Rate 8 Time Period 90 days Proceeds of ...View the full answer

Accounting

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