Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question   [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis.    Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell.

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