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What amount of contingent liability for note

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Problem 1: On November 1, 2004, Davis Co. discounted with recourse at 10%, a one-year, noninterest-bearing, P4,000,000 note receivable maturing on January 31, 2005. The discounting of the note receivable is accounted for as a conditional sale with recognition of a contingent liability. What amount of contingent liability for this note must Davis disclose in its financial statements for the year ended December 31, 2004?

Reference no: EM132808731

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