Check my work Required information Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] 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 $238,700. The interest rate charged by the bank was 7.25%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2022. Interest expense Exercise 7-7 (Algo) Notes payable-discount basis LO 7-2 [The following information applies to the questions displayed below.] 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 $238,700. The interest rate charged by the bank was 7.25%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part c c. What is the amount of the current liability related to this loan to be shown in the June 30, 2022, balance sheet? Current liability