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What amount of cash did Ireland receive from Cloverdale Bank

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Question - Ireland Corporation obtained a $50,000 note receivable from a customer on June 30, 2013. The note, along with interest at 4%, is due on June 30, 2014. On September 30, 2013, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did Ireland receive from Cloverdale Bank?

Reference no: EM132524227

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