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On March 1, 2015, Eeyore Ltd. obtained a nine-month working capital loan from Travis Federal Credit Union. The face amount of the note signed by the treasurer was $300,000. The interest rate charged by the bank was 8%. The bank made the loan on a discount basis.
Required:
A) Calculate the loan proceeds made available to Eeyore.
B) Eeyore has a June 30 fiscal year end, calculate the amount of interest expense that they will report on the June 30, 2015 Income Statement.
C) What is the amount of the current liability related to this loan to be shown in the June 30, 2015 balance sheet?
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