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PROBLEM 1. Nook Company uses the allowance method of accounting for bad debts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31 of the current year. No. of Days Outstanding Amount Probability of Collection 0.98 0.90 0.80 additional 0-31 days P 500,000 31-60 days 200,000 Over 60 days 100,000 The following information is available for the current year: Net credit sales for the year Allowance for bad debts: Balance, January 1 Balance before adjustment, December 31 P 4,000,000 45,000 (cr.) 2,000 (cr.) If Nook bases its estimate of bad debts on the aging of accounts receivable, what is the Bad Debt Expense for the current year ending December 31? PROBLEM 2 (Discounting of Notes Receivable) On January 1, Panther Corporation received one-year 12% note receivable with a face value of P100,000 from one of its customers. On October 1, Panther Corporation discounted the note to Peaceful Bank to meet some of its maturing obligations. The bank's rate in discounting the note is 14%. How much is the proceeds from discounting of notes receivable