Notes payable$$discount basis On May $15,2022,$ Powell Inc. obtained a six$-$month working capital loan from its bank. The face amount of the note signed by the treasurer was $$600,000.$ The interest rate charged by the bank was $7\%.$ The bank made the loan on a discount basis.

Required:

Calculate the loan proceeds made available to Powell, and use the horizontal model $($or write the journal entry$)$ to show the effect of signing the note and the receipt of the cash proceeds on May $15,2022.$

Calculate the amount of interest expense applicable to this loan during the fiscal year ended June $30,2022.$

What is the amount of the current liability related to this loan to be shown in the June $30,2022,$ balance sheet?