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On May 18, Sheffield Company discounted at Sunshine Bank a $9.000 (maturity value) 124-day note dated Feb. 15. Sunshine's discount rate was 9% (Uso Days

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On May 18, Sheffield Company discounted at Sunshine Bank a $9.000 (maturity value) 124-day note dated Feb. 15. Sunshine's discount rate was 9% (Uso Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round Intermediate calcu Proceeds received TABLE 7.1 Exact days-In-a-year calendar (excluding leap year) 31 31 Day of nonth 31 Jan. 28 Feb. 31 Mar. Apr. Sept. 31 Oct. Dec 32 60 91 374

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