The notes receivable held by the Tuttle Company on August $3,20$X$1,$ are summarized below. On August $4,20$X$1,$ Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of $12$ percent.

Note No$.$ Date Face Amount Period Interest Rate

$31$ Apr. $4,20$X$1$ $ $35,0006$ months $8\%$

$32$ June $11,20$X$116,500120$ days $7\%$

$33$ July $31,20$X$114,00060$ days $12\%$

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?