Question: 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

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?

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