6. On February 1, 20X1, Packwood sold a building for $600,000 and received a $600,000 9-month, 4% note to complete the sale. Principal and interest are due at maturity and the stated 4% interest rate reflected the market rate of interest at the time of sale. On July 31, 20X1, Packwood discounted the note without recourse at a local bank at a 5% discount rate. Round your numbers to this problem to the nearest dollar.

1. Prepare any journal entries on July 31, 20X1
2. How much interest revenue earned as of the discount date was foregone to receive cash on 7/31/X1?