dacca co; a building contruction company, holds a 90 day, 6% note for $40,000, dated may 15, which was received from customer on account. on june 14, the note is discounted at the bank at the rate of 10%

EXERCISE 5 Dacca Co., a building construction is discounted at the bank at the rate of 10%. company, holds a 90-day, 6% note for $40,000, ay 15, which was received from a customer on account. On June 14, the note a) Determine the maturity value of the note. b) Determine the number of days in the discount period c) Determine the amount of the discount. Round to the nearest dollar. d) Determine the amount of the proceeds. e) Journalize the entry to record the discounting of the not on June 14