On August 1, Batson Company issued a 60-day note with a face amount of $83,400 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 10%. fill in the blank 1

b. Determine the proceeds of the note assuming the note is discounted at 10%. fill in the blank 2