April 7 Received 170-day note from Low Company who owed $700,000. The note has an interest of 10%.

29 days after receiving the note, the note was discounted at 8% and endorsed.

Required:

What is the face value of the note?

What is the maturity date and value of the note?

Make entries for the receipt of the note.

On What date was the note discounted?

What is the discount period?

What is the discount amount?

What is the proceeds from the bank with the discounting the note?

Assuming the undiscounted note was honored on the maturity date, make necessary entries on the maturity date of the note, if any is necessary.

Assuming the undiscounted note was dishonored on the maturity date, make necessary entries on the maturity date of the note, if any is necessary.

Assuming the discounted note was honored, make necessary entries on the maturity date if any is necessary.

Assuming the discounted note was dishonored, make necessary entries on the maturity date if any is necessary.