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 $294,900. The interest rate charged by the bank was 8.75%. 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. 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 $294,900. The interest rate charged by the bank was 8.75%. The bank made the loan on a discount basis. xercise 7-7 (Algo) Part c What is the amount of the current liability related to this loan to be shown in the June 30,2022, balance sheet? 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 $294,900. The interest rate charged by the bank was 8.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. 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 $294,900. The interest rate charged by the bank was 8.75%. The bank made the loan on a discount basis. xercise 7-7 (Algo) Part a - Journal entry -3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the proceeds of a short-term note payable (discount basis). Note: Enter debits before credits