Fill blank on correct answer for this accounting question Chang Co. issued a $45,300, 120-day, discounted note toGuarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. arethe answer to the nearest whole dollar.a. $50,283b. $45,715c. $43,639d. $45,300Round

Step 1: Define Simple Discount NoteA discount note is a way of borrowing money and is usually issued…

Answered: Chang Co. issued a $45,300, 120-day,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

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Chang Co. issued a $45,300, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360- day year, the cash proceeds to Chang Co. are the answer to the nearest whole dollar. a. $50,283 b. $45,715 c. $43,639 d. $45,300 Round