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Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by...

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Accounting

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Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 120-day note with a face amount of $68,400, Assume a 360 -day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming that the note is discounted at 6%

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