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What amount of loss millette company should recognize

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Question - On January 2, 2021, Millette Company, an SME, received from a customer a one-year note with a face value of P1,500,000 that bears an interest of 12% per year. On July 31, 2021, Millette Company discounted the note at Millennium Bank, Millennium Bank used a discount rate of 10%. if the discounting is treated as a secured borrowing, what amount of loss Millette Company should recognize?

Reference no: EM133136735

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