Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $90,000 10% 150 days A May 3 June 12 B C Note to be discounted at 11%

Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $90,000 10% 150 days A May 3 June 12 B C Note to be discounted at 11%

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

$90,000

10%

150 days

May 3

June 12

Note to be discounted at 11%

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