Russia Corporation obtained a $50,000 note receivable from a customer on June 30, 2018. The note, along with interest at 6%, is due on June 30, 2019. On September 30, 2018, Russia discounted the note at Wells Fargo. The bank's discount rate is 10%. What amount of cash did Russia receive from Wells Fargo?
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Home » Business » Russia Corporation obtained a $50,000 note receivable from a customer on June 30, 2018. The note, along with interest at 6%, is due on June 30, 2019. On September 30, 2018, Russia discounted the note at Wells Fargo. The bank's discount rate is 10%.