Ireland corporation obtained a 40000 note receivable from a, Ask an Expert

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Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank?

a. $40,600.

b. $36,000.

c. $39,220.

d. $36,820.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411701

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