FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On April 1, 2020, ABC Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of
What amount was received from the note discounting on April 1, 2020?
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