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Robinsons, an electrical supply company, sold $7,000 of equipment to Jim Coates Wiring, Inc. Coates...

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Accounting

Robinsons, an electrical supply company, sold $7,000 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.2% interest. The due date was August 10. Short of funds, Robinsons contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.9% discount. (Use Days in a year table.) What proceeds will Robinsons receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)

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