BTS Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. After holding the note for two months, BTS discounted the note without recourse at Big Hit Bank at a 12% discount rate and appropriately accounted the discounting as a sale. Accrued interest was appropriately recorded prior to discounting. 

What was the gain or loss recognized by BTS on the sale of notes receivable?

Answer rating: 100% (QA)

I Proceeds from discounting of note 403200 i Less Carrying amount ... View the full answer