On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 12%. fill in the blank 1

b. Determine the proceeds of the note assuming the note is discounted at 12%. fill in the blank 2

On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 12%. b. Determine the proceeds of the note assuming the note is discounted at 12%