Essay
On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company for merchandise inventory.
(Assume a 360-day year is used for interest calculations.)
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%.
Correct Answer:
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a.$140,000
b.$138,60...View Answer
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Correct Answer:
Verified
b.$138,60...
View Answer
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