Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $70,000 11% 90 days A March 10 April 15 B C Note to be discounted at 10%

Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $70,000 11% 90 days A March 10 April 15 B C Note to be discounted at 10%

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.1BE: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a...

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Question

Use ordinary interest:

Principal

Rate of Interest

Time

Maturity Value

Date Note Made

Date Note Discounted

Discount Period

Proceeds

$70,000

11%

90 days

March 10

April 15

Note to be discounted at 10%

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