On June 5, Sheffield Company discounted at Sunshine Bank a $7,080(maturity value),120-day note dated March...

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Accounting

On June 5, Sheffield Company discounted at Sunshine Bank a $7,080(maturity value),120-day note dated March 7. Sunshines discount rate was 10%.(Use Days in a year table.)
What proceeds did Sheffield Company receive?
Note: Use 360 days a year. Do not round intermediate calculations.

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