Reference no: EM132806309
On December 1, 2020, POR Company assigned specific accounts receivable totaling P5,000,000 as colloneral on a P4,000,000, 12%% note from certain bonk. The emitywill continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged 5 finance fee deducted in advance on the assigned accounts. The December collections of assigned accounts receivable cmounted to P2,000,000 less cosh discount of P200,000. On December 31, 2020, the entityreminded the collections to the bank in payment for the interest accrued on December 31, 2020 and the note paycole. The entity occupied soles returns of P100,000 on the assigned accounts of P300,000.
Required:
Problem 1: Compute for the amount of cash received from assignment of accounts receivable on December 1, 2020.
Problem 2: Compute the carrying amount of the note payable on December 31, 2020
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