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Proceeds from Notes Payable On October 12, Belleville Co. borrowed cash from Texas Bank by...

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Accounting

Proceeds from Notes Payable

On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $70,000. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. $

b. Determine the proceeds of the note, assuming the note is discounted at 6%.

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