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The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, Tuttle discounted all of these notes
The notes receivable held by the Tuttle Company on August 3, 20X1, are summarized below. On August 4, 20X1, 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, 20X1 $ 47,000 6 months 9 % 32 June 11, 20X1 14,100 120 days 6 % 33 July 31, 20X1 10,800 60 days 10 % Compute the net proceeds received from discounting each note. (Use 360 days a year to compute the discount. Do not round intermediate calculations and round your final answers to 2 decimal places.)
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