Problem: On March 15, 2008, the energy company obtained a 9 month working capital loan from the bank. The face amount of the note signed by the treasurer was $300,000. The interest rate charged by the bank was 10%. The bank made the loan on a discount basis.
(1.) What's the amount of loan proceeds made available to the energy company?
(2.) What's the interest expense related to this loan during the 6 months ended June 30, 2008?
(3.) What's the current liability related to this loan to be shown in the June 30, 2008 balance sheet?