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Required information [The following information applies to the questions displayed below.] On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its

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Required information [The following information applies to the questions displayed below.] 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 $600,000. The interest rate charged by the bank was 7%. The bank made the loan on a discount basis. Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds

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