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  3. 1. 2. proceeds from notes payable on may 15, fr

1. 2. Proceeds from Notes Payable On May 15, Franklin Co, borrowed...

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Accounting

1.
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2.
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Proceeds from Notes Payable On May 15, Franklin Co, borrowed cash from Dakota Bank by issuing a 120-day note with a face amount of $61,200. Assume a 360-day year: Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming that the note is discounted at 10%

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