On September 1, Vibrant Salon Company issued a 60-day note with
a face amount of $51,600...
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Finance
On September 1, Vibrant Salon Company issued a 60-day note witha face amount of $51,600 to Delilah Hair Products Company formerchandise inventory. Assume a 360-day year.
a. Determine the proceeds of the note, assumingthe note carries an interest rate of 10%. $
b. Determine the proceeds of the note, assumingthe note is discounted at 10%. $
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Solution a The proceeds of the note 51600 Working Notes In this part a The note is not discounted so amount received will be total face value of the note 51600 When we issue note we received
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