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What amount should be reported as loss on discounting

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Reference no: EM132913404

On June 30, 2020, Benedetta Company discounted at the bank a customer's P300,000, 6-month, 10% note receivable dated April 30, 2020. The bank discounted the note at 12%.

Question 1: What amount should be rpeorted as proceeds from the discounted note?

Question 2: What amount should be reported as loss on discounting?

Reference no: EM132913404

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