Answer is complete but not entirely correct.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 $$180,200.$ The interest rate charged by the bank was $8\mathrm{.}25\%.$ The bank made the loan on a discount basis.

Exercise $7-7($Algo$)$ Part a $-$ Horizontal model

a$-2.$ Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on May $15,2022.$ Indicate the financial statement effect.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.