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On August 1, Batson Company issued a 60-day note with a face amount of $72,600 to Jergens Company for merchandise inventory. (Assume a 360-day
On August 1, Batson Company issued a 60-day note with a face amount of $72,600 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note assuming the note is discounted at 6%.
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
2nd edition
73396958, 978-0077630461, 77630467, 978-0073396958
