1 Required information The following information applies to the questions displayed below) On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $1,200,000. The interest rate charged by the bank was 9%. The bank made the loan on a discount basis. a-2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Llabilities Assets Stockholders' Equity Net Income Income Statement Revenues me Expenses 11 1 11 [The following information applies to the questions displayed below.) On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $1,200,000. The interest rate charged by the bank was 9%. The bank made the loan on a discount basis. 9-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. (If no entry s required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the proceeds of a short-term note payable (discount basis) Note: Enter debits before credits General Journal Dobit Credit Date April 15, 2019 Record entry Cleacentre View.cenerationen Required information [The following information applies to the questions displayed below) On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $1,200,000. The interest rate charged by the bank was 9%. The bank made the loan on a discount basis. b. Calculate the amount of interest expense applicable to this loon during the fiscal year ended June 30, 2019 Interest expenso Required information (The following information applies to the questions displayed below.) On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $1,200,000. The interest rate charged by the bank was 9%. The bank made the loan on a discount basis. c. What is the amount of the current liability related to this loan to be shown in the June 30, 2019, balance sheet? Current liability