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 $363,400. The interest rate charged by the bank was 8.25%. The bank made the loan on a dlscount basis. Exercise 7-7 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Record the proceeds of a short-term note payable (discount basis). Note: Fnter dehits before credits. b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2022. c. What is the amount of the current liability related to this loan to be shown in the June 30,2022 , balance sheet