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Question - On March 1, 2020, ABC Incorporated received a 9 month, 12% note amounting to 2,500,000 from XYZ Company in exchange of merchandise sold. On June 30, 2020 this note was discounted, without recourse, at a bank for 15%. Upon its maturity, the Bank presented the note for payment but it was dishonored by XYZ.
a. How much was the proceeds from the discounting of note?
b. How much was the gain or loss on the discounting of note?
c. At how much would the liability account of ABC increase when the note was dishonored by XYZ?
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