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How much is the loss on discounting

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Reference no: EM133021048

Problem - On January 2, 2021, Toto Company received a promissory note from a customer, 10% P250300, due in 180 days. Toto Company discounted the note with a bank on a without recourse basis on February 16, 2021, at 12%.

Required -

1. How much is the proceeds?

2. How much is the loss on discounting?

Reference no: EM133021048

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