What amount of cash scotland receive from cloverdale bank, Financial Accounting

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What amount of cash scotland receive from cloverdale bank

Problem

Scotland Corporation obtained a $40,000 note receivable from a customer on June 30m, 2020. The note, along with interest at 6%, is due on June 30, 2021. On September 30, 2020, Scottland discounted the note at Cloverdale Bank. The bank's discount rate is 10%. What amount of cash did Scotland receive from Cloverdale Bank?

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Financial Accounting: What amount of cash scotland receive from cloverdale bank

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Financial Accounting: What amount of cash scotland receive from cloverdale bank

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