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What amount of cash was received from the bank

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Reference no: EM132807264

Foremost Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. Alter holding the note for six months, the entity discounted the note at the bank at an effective interest rate of 10%.

Problem 1: What amount of cash was received from the bank?

Problem 2: What is the loss on note receivable discounting?

Reference no: EM132807264

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