Problem: Martin Manufacturing held three interest-bearing notes during 2014 and 2015. For each note, determine the following items.
a. The maturity date
b. The maturity value
c. Interest revenue to be reported on December 31, 2014
Note 1 - issued September 25, 2014, $15,000, 10%, 60 days
Note 2 - issued November 20, 2014, $25,000, 12%. 90 days
Note 3 - issued December 30, 2014, 14,000, 9%, 30 days