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On September 1, Nova Salon Company issued a 120-day note with a face amount of...

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Accounting

On September 1, Nova Salon Company issued a 120-day note with a face amount of $64,800 to Delilah Hair Products Company for merchandise inventory. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.
b. Determine the proceeds of the note, assuming the note is discounted at 8%.

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