Answer:
The proceeds of the note will be $150,000.
Step-by-step explanation:
To Determine:
Determine the proceeds of the note, assuming the note carries an interest rate of 10%.
Information Fetching and Solution Steps:
- On January 26, Nyree company borrowed cash from Conrad Bank by issuing a 45 day note with a face value of $150,000.
- Assume a 360-day year.
In the context of accounting, a note generally cites to a pledge - also know as agreement - to pay a certain given amount of money in the future at a mentioned date - also known as a promissory note.
The proceeds are $150,000. The reason for the logic is because proceeds equal to face value. So, note issued is at face value of $150,000. The issued note was not discounted.
Therefore, the proceeds of the note will be $150,000.
Keywords: promissory note, face value
Learn more about face value from brainly.com/question/14020416
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