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(march 30) Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30,
(march 30) | Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2017. | |
May 30 | Discounted the $20,000 note at a local bank. The banks discount rate is 8%. The note was discounted without recourse and the sale criteria are met.
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