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What are the correct answers to these so I can back-check my own work On May 15, 2022, Powell Incorporated obtained a six-month working capital
What are the correct answers to these so I can back-check my own work
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 $170,700. The interest rate charged by the bank was 7.75%. The bank made the loan on a discount basis. a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2022. What is the amount of the current liability related to this loan to be shown in the June 30,2022 , balance sheet
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