On May $15,2022,$ Powell Incorporated obtained a six$-$month working capital loan from its bank. The face amount of the

note signed by the treasurer was $$157,800.$ The interest rate charged by the bank was $7\mathrm{.}50\%.$ The bank made the loan on

a discount basis.

a$-2.$ Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on May $15,2022.$ Indicate

the financial statement effect.