Sunland Company issues a 12%, 8-year mortgage note on January 1, 2017, to obtain financing...
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Sunland Company issues a 12%, 8-year mortgage note on January 1, 2017, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $48,200. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.)
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