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 b b. Calculate the amount of interest expense applicable to this loan during the fiscal year ended June 30, 2019.

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