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 (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 3P

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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