(Solution) - The following notes receivable are held by the Vasquez Company -(2025 Original AI-Free Solution)

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The following notes receivable are held by the Vasquez Company on January 1, 2016. On January 2, 2016, Vasquez discounted all of these notes at First National Bank at a discount rate of 10 percent. Compute the net proceeds the firm received from discounting each note (2016 was a leap year).

Analyze:
How would Notes Receivable be shown on a balance sheet prepared on January 2, 2016, after the transactions above have been entered?