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Tammy Inc. held a one-year, $3,000, 8 percent interest-bearing note receivable. After holding it for 2 months, the company discounted (sold) it to the bank

Tammy Inc. held a one-year, $3,000, 8 percent interest-bearing note receivable. After holding it for 2 months, the company discounted (sold) it to the bank at 10 percent.

REQUIRED: Show the entry to record the sale of the note. Assume interest revenue is not recorded before the note is discounted. (7 MARKS)

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