calculate the loan proceeds, and the amount of interest expense applicable to tgis loan during fiscal year ended june 30, 2016.

The following information applies to the questions displayed below) On April 15, 2016. Powelline obtained a six- month working capital loan from its bank. The face amount of the note signed by the treasurer was $307800 The interest rate che ged by the bank was 6.50%. The bank made the loan on a discount basis References Section Break Exercise 7.5 Notes payable discount basis LO 2 10.00 points Exercise 7-5 Parta Required: a-1. Calculate the loan proceeds made available to Powell Loan proceeds