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How much is the gain on discounting

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Problem 1: Miraculous Company accepted from a customer a P4,000,000, 90-day 12% interest bearing note dated August 31, 2019. On September 30, 2019, Miraculous discounted the note at the Apex State Bank at 15%. How much is the gain / (loss) on discounting if the note discounted is accounted for as secured borrowing?

Reference no: EM132779588

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