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 12 percent.

Note No. 31 32 33 Date Apr. 4, 20X1 June 11, 20X1 July 31, 20X1 Face Amount $36,000 16,200 13,600 Period 6 months 120 days 60 days Interest Rate 10% 7% 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? 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 to compute the discount. Do not round intermediate calculations round your final answers to decimal places.) Net Proceeds Note 31 Note 32 Note 33