West Palm Company engaged in the following transactions involving promissory notes:
May 3 Sold engines to Mittal Company for $120,000 in exchange for a 90-day, 12 percent promissory note.
16 Sold engines to Tata Company for $64,000 in exchange for a 60-day, 13 percent note.
31 Sold engines to Arsenal Company for $60,000 in exchange for a 90-day, 11 percent note.
For each of the notes, determine the (a)maturity date, (b)intereston the note, and (c) maturity value. Round your answers to the nearest cent.
Assume that the fiscal year for West Palm ends on June 30. How much interest income should be recorded on that date? Round your answer to the nearest cent.$
What are the effects of the transactions in May oncashflows for the year ended June 30?
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