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On January 1, Year 1, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, Year 1, Austin discounted
On January 1, Year 1, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, Year 1, Austin discounted the note at the Houston Bank. The bank's discount rate is 8%. What are the cash proceeds from discounting the note receivable
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Principles Of External Auditing
Authors: Brenda Porter, Jon Simon, David Hatherly
4th Edition
0470974451, 9780470974452
