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Find what is total cash receive from financing of receivable

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Problem 1: On October 31, 2020, KTA Co. engaged in the following transactions: [1] Obtained a P500,000, 6-month loan from City Bank, discounted at 12%. The company pledged P500,000 of accounts receivable (A/R) as security for the loan. [2] Factored P1,000,000 of A/R without recourse on a non-notification basis to JRM Co. which charged a factoring fee of 2% of A/R factored and withheld 10%% of the A/R factored. What is the total cash received from the financing of receivables?

Option 1: P1,320,000

Option 2: P1,350,000

Option 3: P1,380,000

Option 4: P1,470,000

Option 5: None of the choices

Reference no: EM132833098

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