Question
On May 1, 202X, Bird Company received a $27,000, 70-day, 12% note from Nottingham Company dated May 1. On June 20, 202X, Bird discounted
On May 1, 202X, Bird Company received a $27,000, 70-day, 12% note from Nottingham Company dated May 1. On June 20, 202X, Bird discounted the note at Manchester Bank at a discount rate of 14% View the Days in a Year table Read the tasks 1a. Calculate the maturity value Maturity value 1b. Calculate the number of days the bank will hold the note until maturity c Number of days the bank will hold the note until maturity date 1c. Calculate the bank discount Bark discount Your tasks are to 1a. Calculate the maturity value of the note 1b. Calculate the number of days the bank will hold the note until maturity date 1c. Calculate the bank discount. 1d. Calculate the proceeds 2. Journalize the entry to record the proceeds (Assume a 360-day year. Do not round portion of the year computations, but round all other calculations to the nearest cent, XXX) - X 1d. Calculate the proceeds Proceede Print Done 2. Journalize the entry to record the proceeds (Record debits first, then credits Exclude explanations from joumal entries)
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