On February 1, 20X1, Packwood sold a building for $800,000, receiving a $200,000 down payment...
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Accounting
On February 1, 20X1, Packwood sold a building for $800,000, receiving a $200,000 down payment and a 9-month, 4% note for the balance. Principal and interest are due at maturity and the stated % interest rate reflected the market rate of interest at the time of sule. On July 30, 20X1, Packwood discounted the note without recourse at a local bank at a 5% discount rate. Round your numbers for this problem to the nearest dollar. Prepare arty joumal entries on July 30, 20X1: (1 point) (od uncker Malang How much interest was foregone to receive cash on 7/31/XI? (1/2 point)
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