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How much loss on factoring is to be recognized

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Reference no: EM132908032

On January 1, 2020, Janus Corporation sold P900,000 accounts receivable, with allowance of P90,000, in a casual sale. The entity received P700,000 from the sale.

Problem 1: How much is the loss on factoring?

Problem 2: In the event that P200,000 of the accounts cannot be collected by the buyer, how much loss on factoring is to be recognized?

Reference no: EM132908032

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