Manning loans money to luck corporation in the amount of, Accounting Basics

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Manning loans money to luck corporation in the amount of

Problem

Manning loans money to Luck Corporation in the amount of $400,000. Manning accepts an 8% note due in 7 years with interest payable semiannually. After 2 years (and receipt of interest for 2 years), Manning needs money and therefore sells the note to Denver National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Manning will receive on the sale of the note?

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Accounting Basics: Manning loans money to luck corporation in the amount of

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