I've included the format in which its needed. Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturitydate of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceedsreceived from the bank on discounting the note.Note Note Face Value Date of Note Interest Rate Date Discounted Discount Rate1$50,0003/31/20218%6/30/202110%50,0003/31/20218.9/30/20211050,0003/31/202189/30/202112480,0006/30/202110/31/20211080,0006/30/202110/31/2021126.80,0006/30/20216.11/30/202110 PROCEEDS RECEIVEDNote FaceDate ofInterestDateDiscounted6/30/2021DiscountProceedsNoteValueNoteRateRateReceived150,0003/31/20218%10%50,00050,0003/31/20218%9/30/202110%12%10%3/31/20218%9/30/2021480,00080,0006/30/20216%10/31/202156/30/20216%10/31/202112%680,0006/30/20216%11/30/202110%Note 1Face amountInterest to maturityMaturity valueDiscountCash proceedsNote 2Face amountInterest to maturityMaturity valueDiscountCash proceedsNote 3Face amountInterest to maturityMaturity valueDiscountCash proceeds

A note receivable is a written promise. It is a promise made by one part to other party. A…

Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note.

Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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