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How much is the loss on discounting

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Question: On June 30, 2020, Bay Company discounted at the bank a customer's P600,000, 6 month, 10% note receivable dated April 30, 2020. The bank discounted the note at 12%.

1. How much is the loss on discounting?

2. How much of interest income was recognized on June 30?

3. How much is the proceeds from factoring?

4. How much is the net interest income from discounting?

5. If the note is dishonored on maturity date and a protest fee of P20,000 was paid. How much was collected from the maker if Bay collected from the customer on December 31, 2020 plus 15% interest from the total amount due?

Reference no: EM132742279

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