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Required: -1. Calculate the loan proceeds made available to Powell. Answer is...

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Accounting

Required:
-1. Calculate the loan proceeds made available to Powell.
Answer is complete but not entirely correct.On May 15,2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $180,200. The interest rate charged by the bank was 8.25%. The bank made the loan on a discount basis.
Exercise 7-7(Algo) Part a
Required:
a-1. Calculate the loan proceeds made available to Powell.
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