Reference no: EM133006933
PROBLEM 1 - Franco, Inc. received from a customer a one-year, P1,000,000 note bearing annual Interest of 8%. After holding the note for six months, Franco discounted the note at Lylia Bank at an effective interest rate of 10%.
1. What amount of cash did Franco received from the bank?
2. How much is the loss on discounting?
PROBLEM 2 - On December 1, 2020, Hanabi Company received a P100,000, 60-day, 6% note from a customer. On December 31, 2020, the company discounted the note at the bank. The bank's discount rate was 9%.
1. How much were the proceeds?
2. How much was the loss on discounting?
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