NOTE PREMIUM AND DISCOUNT. Markway, Inc., is contemplating selling notes. The issue is to be composed of 150 notes, each with a face amount of $2,000.

REQUIRED:

. How much is Markway able to borrow if each note is sold at a premium of $20?

. How much is Markway able to borrow if each note is sold at a discount of $30?

. How much is Markway able to borrow if each note is sold at 96% of par?

. How much is Markway able to borrow if each note is sold at 105% of par?

. Assume that the notes are sold for $1,975 each. Prepare the entry to recognize the sale of the 150 notes.

. Assume that the notes are sold for $2,015 each. Prepare the entry to recognize the sale of the 150 notes.

or b=

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