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Compute the amount receivable from the bank

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Question - Randy Company accepted from a customer a P4,000,000, 90-day, 12% interest bearing note dated August 31, 2005.  On September 30, 2005, Randy discounted the note at Family Bank at 15%. However, the proceeds were not received until October 1, 2005.

In the September 30, 2005 balance sheet, compute the amount receivable from the bank, based on a 360 day year includes accrued interest income?

A. 17,000

B. 21,000

C. 30,000

D. 24,000

Reference no: EM132869414

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