On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Question

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year.

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

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