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What amount should be reported as loss on note receivable

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Terizla Company accepted from a customer a P2,000,000, 90-day, 12% note dated August 31, 2020. On September 30, 2020, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2020.

Problem 1: In the income statement for the year ended September 31, 2020, what amount should be reported as loss on note receivable discounting?

Problem 2: In the income statement for the years ended September 31, 2020, what amount should be reported as proceeds from the discounted note?

Reference no: EM132914159

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