How much was casio proceeds from the discounted note

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Reference no: EM132703263

Problem 1: On July 1, 2020, Casio Company sold equipment to Sharp Company for 250,000. Casio accepted a 10% note receivable for the entire sales price. This note is payable in two equal installments of 125,000 plus accrued interest on December 31, 2020 and December 31, 2021. On July 1, 2021, Casio discounted the note at a universal bank at an interest rate of 12%. How much was Casio's proceeds from the discounted note?

Group of answer choices

a. 251,500

b. 275,000

c. some other answer

d. 264,000

Reference no: EM132703263

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