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On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $66,000. Assume a 360-day year.
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $66,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $
b. Determine the proceeds of the note, assuming the note is discounted at 7%. $
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Financial accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
9th edition
