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On July 1, 2021, Karrie Co. discounted an P800,000, 90 day, 12% note received from a customer on June 1, 2021, with a bank at 15% on with recourse basis. The discounting is treated as conditional sale. On August 30, 2021, at maturity date, the maker of the note defaulted and the bank charged Karrie Co. the maturity value of the note plus a P3,000 protest fee.
Problem 1: how much is transferred to accounts receivable due to the dishonor?
Problem 2: how much is the proceeds from the discounting?
Problem 3: how much liability is recognized as a result of the discounting?
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