4. Mar. 31 - Proceeds
Maturity value:
Principal $ 30,000
Interest (30K X .06 X 3/12) 450
Maturity value 30,450
Less: discount @ .08 X 2/12 406
Cash Proceeds 30,044
5. Mar. 31 JE (not required)
Cash 30,044
Loss on sale of note 106
Notes receivable 30,000
Interest receivable 150