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On September 16, 2023, a corporation sold to a bank, a customer's 18 percent, 60-day note, dated August 31, 2023, with a face amount of
On September 16, 2023, a corporation sold to a bank, a customer's 18 percent, 60-day note, dated August 31, 2023, with a face amount of $3,000. The bank discounted the note at 15 percent. The cash received by the corporation was (assume 360 days per year):
$2,943.75
$3,000.00
$3,022.01
3014.63
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