Question: PLS SHOW SOLUTION AND ANSWER Problem 15-11 (AICPA Adapted) On July 1, 2015, Jolly Company sold goods in exchange for P200,000, 8-month, noninterest-bearing note receivable.

PLS SHOW SOLUTION AND ANSWER

PLS SHOW SOLUTION AND ANSWER Problem 15-11 (AICPA Adapted) On July 1,

Problem 15-11 (AICPA Adapted) On July 1, 2015, Jolly Company sold goods in exchange for P200,000, 8-month, noninterest-bearing note receivable. At the time of the sale, the note's market rate of interest was 12%. What amount was received when the note was discounted at 10% on September 1, 2015? a. 194,000 b. 193,800 C. 190,000 d. 188,000

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