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On January 1, Year 1, Austin Company received a 12-month, $100,000 note with a stated...

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Accounting

On January 1, Year 1, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, Year 1, Austin discounted the note at the Houston Bank. The bank's discount rate is 8%. What are the cash proceeds from discounting the note receivable

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