EXERCISE 3 Instructions: Using the basic formula for interest and assuming a 300-day year, compute the interest on the following notes I. $8,000 at 12% for 30 days 2. $3,500 at 6% for 60 days 3. S2.000 at 12% for 90 days " 4, $8,000 at 9% for 30 days . 5, $7,500 at 6% for 60 days 6. $12,000 for 90 days at 9% 7. $5,250 for 120 days at 12% L EXERCISE 4 The following data regarding the current assets of Walton Company were selected from the accounting records after adjustment at the end of the current fiscal year: $35,000 1,200 Accounts Receivable Allowance for Doubtful Accounts Cash Interest Receivable Notes Receivable 37,500 9,900 20,000 nston Cons,arepare the Current Assats seclion of the balance sheet for