On December $1,2022,$ Hocking Incorporated obtained a four$-$month working capital loan from its bank. The face amount of the note signed by the treasurer was $\backslash (\backslash$$ $106,000\backslash ).$ The interest rate charged by the bank was $\backslash (6\backslash \%\backslash ).$ The bank made the loan on a discount basis.

Required:

a$.$ Calculate the loan proceeds made available to Hocking on December $1,2022.$

b$.$ Calculate the amount of interest expense applicable to this loan during the fiscal year ended December $31,2022.$

c$.$ What is the amount of the current liability related to this loan to be shown in the December $31,2022,$ balance sheet?

a$.$ Loan proceeds

b$.$ Interest expense

c$.$ Current liability