Problem 8-3 Notes Receivable Calculations

West Palm Company engaged in the following transactions involving promissory notes:

May 3			Sold engines to Mittal Company for $120,000 in exchange for a 90-day, 12 percent promissory note.
16			Sold engines to Tata Company for $64,000 in exchange for a 60-day, 13 percent note.
31			Sold engines to Arsenal Company for $60,000 in exchange for a 90-day, 11 percent note.

For each of the notes, determine the (a) maturity date, (b) interest on the note, and (c) maturity value. Round your answers to the nearest cent.

	May 3	May 16	May 31
Maturity date:	SelectJuly 15August 1August 29Item 1	SelectJuly 15August 1August 29Item 2	SelectJuly 15August 1August 29Item 3
Interest at maturity:	$	$	$
Maturity value:	$	$	$

Assume that the fiscal year for West Palm ends on June 30. How much interest income should be recorded on that date? Round your answer to the nearest cent. $

What are the effects of the transactions in May on cash flows for the year ended June 30?