On November 1, 2021, FDN Trading accepted a 90-day, 8% P8,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.

Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero- interest-bearing note. Prepare Pharoah's November 1, 2021, entry; the December 31, 2021, annual adjusting entry; and the February 1, 2022, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $430,000 and a discount rate of 7%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.)

Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.

Non-Interest-Bearing Notes Payable On October 1, 2017, Valentino Company borrowed $18,800 from U.S. Best Bank by issuing a 12-month note. The bank discounted the note at 9%.   Identify and analyze the effect of the payment of the note on October 1, 2018. How does this entry affect the accounting equation?If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Round your answers to the nearest dollar.

Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.