The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent.

Note No.	Date			Face Amount				Period		Interest Rate
31	Apr.	4,	2019		$	31,000		6	months		9	%
32	June	11,	2019			17,700		120	days		6	%
33	July	31,	2019			15,600		60	days		10	%

Required: Compute the net proceeds received from discounting each note. Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due?

Problem 16.4A Computing the proceeds from discounted notes receivable. LO 16-3, 16-7 The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10 percent. Note No. 31 32 33 Date Apr. 4, 2019 June 11, 2019 July 31, 2019 Face Amount $31,000 17,700 15,600 Period 6 months 120 days 60 days Interest Rate 9% 6% 10% Required: Compute the net proceeds received from discounting each note. Analyze: What is the net interest income or expense to be reported from these transactions assuming all notes are paid when due? Complete this question by entering your answers in the tabs below. Net Proceeds Analyze Compute the net proceeds received from discounting each note. (Use 360 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) Net Proceeds Note 31 Note 32 Note 33