Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6%t is due on Juno 30, 2017. On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank? a. $40, 600. b. $36,000. c. $39, 220. d. $36, 820. On April 1 of the current year, Troubled Company factored receivables with a carrying value of $85,000 for $60,000 in cash from Scrooge Lenders. The transfer was made without recourse. On April 1, Troubled would: a. Credit deferred interest expense for $25,000. b. Credit factored accounts receivable for $85,000. c. Debit discount on liability for $25,000. d. Debit loss on sale of receivables for $25,000