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What amount of loss on discounting should gus recognize

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Problem 1: Gus received from a customer a one-year, P375,000 note bearing annual interest of 8%. After holding the note for six months, Gus discounted the note at Platinum Bank at an effective rate of 10%. If the discounting is treated as a sale, what amount of loss on discounting should Gus recognize?

Reference no: EM132775000

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