Sponge Corp. received from a customer a P4,000,000, 90-day, 12% interest-bearing note dated June 1, 2019. On July 1, 2019, the entity discounted the note with recourse at NZ Bank at 15%

What is the amount received from the discounting of note receivable?

What is the loss on note receivable discounting?

Answer rating: 100% (QA)

To calculate the amount received from the discounting of the note receivable we need to compute the ... View the full answer