On May 15, 2022. Powell incorporated obtained a six.month working capital loan fromi its bank. The face amount of the : note signed by the treasurer was $230,000. The interest rate charged by the bank was 4.75%. The bank made the loan on a discourt basis. Exercise 7.7 (Algo) Part a Required: A-1. Caicidate the loan proceeds made avalable to Powell. On Moy 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 $230.000. The interest rate charged by the bank was 4.75.5. The bank made the loan on. a discount basis. Exercise 7.7 (Algo) Part a - Horizontal model a-2. Use the horizontal model to show the effect of sigring the note and the receigt of the cash proceeds on May 15, 2022. indicate the financlal staternent effect. Nota: Enter decreases with a minus sign to indicate a negative financial statement effect. 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 $230,000. The interest rate charged by the bank was 4.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the proceeds of a short-term note payable (discount basis). 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 $230,000. The interest rate chafged by the bank was 475%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30,2022 . 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 $230,000. The interest rate charged by the bank was 4.75%. The bank made the loan on a discount basis. Exercise 7.7 (Algo) Part c c. What is the amount of the current liability related to this loan to be shown in the Jure 30,2022 , balance sheet
