Tania Company accepted from a customer a P4,000,000, 90-day, 12% noted August 31, 2018. On September 30, 2018, Tania Company discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2018. For the year ended September 30, 2018.

What should be reported as loss on note receivable discounting?

Answer rating: 100% (QA)

The loss on note receivable discounting can be computed as follows Discount ... View the full answer