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(The following information applies to the questions displayed below.] On August 1, 2016, Colombo Co.'s treasurer signed a note promising to pay $480,000 on December 31, 2016. The proceeds of the note were $456,000. value: 1.00 points Required: a. Calculate the discount rate used by the lender. Discount rate % b. Calculate the effective interest rate (APR) on the loan. (Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).) Effective interest rate % c-1. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2016. (Use amounts with + for increases and amounts with for decreases.) Balance Sheet Liabilities Income Statement Revenues Assets Stockholders' Equity Net Income Expenses c-2. Use the horizontal model show the effects of recording interest expense for the month of September. (Use amounts with + for increases and amounts with - for decreases. Use rounded discount rate calculated in part a.) Balance Sheet Liabilities Income Statement Revenues Assets Stockholders' Equity Net Income Expenses c-3. Use the horizontal model to show the effects of repaying the note on December 31, 2016. (Use amounts with + for increases and amounts with - for decreases.) Balance Sheet Liabilities Income Statement Revenues Assets + Stockholders' Equity Net Income Expenses c-1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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