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Find what is the gain or loss related to the discounting

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On October 1, 2016, Lavalon company sold merchandise to a buyer and received a 6-month 10% ?400,000 note receivable. On December 1, 2016, Lavalon indorsed the note to financial Guarantee Corporation at 12%

Problem 1: If the discounting was made on a with recourse basis (secured borrowing), what is the gain or loss related to the discounting?

Reference no: EM132704509

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