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Problem 1 (Computation of Discount on Long-Term Notes Receivable) On January 1, 2020, AIN'T NO VALLEY LOW ENOUGH Company sold computers costing #700,000 with accumulated depreciation of P70,000 in exchange for a P650,000 note receivable payable in four installments as follows: P400,000 - 1" year; P50,000 - 2" year, P20,000 - 3" year, and P180,000 - 4"h year. A 7% interest is also payable yearly. The effective rate is 5%. How much is the discount on notes receivable on January 1, 2020