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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

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 $131,000. The interest rate charged by the bank was 6.50%. The bank made the loan on a discount basis. Required: a-1. Calculate the Ioan proceeds made available to Powell

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