The notes receivable held by the Wesson Company on August 1, 20X1, are summarized below....
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Accounting
The notes receivable held by the Wesson Company on August 1, 20X1, are summarized below. On August 10, 20X1, Wesson discounted all of these notes at Township Bank and Trust at a discount rate of 12 percent.
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. Compute the net proceeds received from discounting each note. 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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