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Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by...

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Accounting

Proceeds from Notes Payable

On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $88,800. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%. $fill in the blank 1

b. Determine the proceeds of the note, assuming the note is discounted at 5%. $fill in the blank 2

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