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On September 1, Vibrant Salon Company issued a 60-day note with a face amount of $51,600...

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Finance

On September 1, Vibrant Salon Company issued a 60-day note witha face amount of $51,600 to Delilah Hair Products Company formerchandise inventory. Assume a 360-day year.

a. Determine the proceeds of the note, assumingthe note carries an interest rate of 10%.
$

b. Determine the proceeds of the note, assumingthe note is discounted at 10%.
$

Answer & Explanation Solved by verified expert
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Solution a The proceeds of the note 51600 Working Notes In this part a The note is not discounted so amount received will be total face value of the note 51600 When we issue note we received    See Answer
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