OU Rev Calculate the loan proceeds made available to Powell, and use the best model for the journal entry to show the effect of signing the he b. Calculate the amount of interest expense applicable to this loan during the 6. What is the amount of the current liability related to this loan to be shown the Exercise 7.6 Notes payable-discount basis On August 1, 2019, Colombo Co's signed and promising to pay $2,400,000 on December 31, 2019. The proceeds the Required receipt of the cash proceeds on April 15, 2019 year June 30, 2019. June 30, 2019. balance sheet? LO a note were 52 140.000 Required: a. Calculate the discount rate used by the leader. b. Calculate the effective interest rate (APR) on the loan. c. Use the horizontal model (or write the journal entry) to show the effects of 1. Signing the note and the receipt of the cash proceeds on August 1, 2019, 2. Recording interest expense for the month of September 3. Repaying the note on December 31, 2019 Exercise 7.7 Other accrued liabilities-payroll taxes At March 31, 2019, the end of the first LO 4 year of operations at Lukancic Inc., the firm's accountant neglected to accrue paymi taxes of $9.600 that were applicable to payrolls for the year then ended. Required: a. Use the horizontal model (or write the journal entry) to show the effect of the accrual that should have been made as of March 31, 2019 b. Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2019. c. Assume that when the payroll taxes were paid in April 2019, the payroll tax expense account was charged. Assume that at March 31, 2020, the accountant again neglected to accrue the payroll tax liability, which was $10,000 at that date Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2020 ot be 52 Re US UI tri ke RE a her accrued liabilities--real estate taxs Glennelle's Boutique Inc. operates ity in which real estate tax bills for one year are issued in May of the subsequent Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. ad: in how the amount of ar 2019 and the amount of ayable (if any) at be determined. horizontal me entry) to show the effect of 2019 taxe ber 31, 2019. ed in May 2020, was for $47,600. Use Jurnal entry) to show the effects of the wount previously accrued