On February 1, 2018 Stealth Tucks sold a diesel rig to Kansas Transports for $250,000 receiving $50,000 down payment and 12 month, 10% note for the balance. principal and interest are due at maturity, and the 10%interest rate reflected the market rate of interest at the time of sale. On August 1, 2018, Kansas Transports discounted the note without recourse at the First South Bank at 12% interst.

Required:

What is the amount of proceeds that Transports will receive from First South Bank

What is amount of gain or loss ( indicate the dollar amount and gain or loss)