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What amount of cash was received from the discounting

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Reference no: EM132690876

Legends Company accepted from a customer P1,000,000 face amount, 6-month, 8% note dated April 1,2019.

  • The entity discounted the note without recourse at a 10% discount rate.
  • The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable.
  • In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days.

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

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

Reference no: EM132690876

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