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What amount was received from note receivable discounting

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Reference no: EM132798147

Question - Marylett Company accepted from a customer in settlement of an account a 4,000,000, 90-day 12% note dated August 31, 2020. On September 30, 2020, the entity discounted the note at 15% with recourse at the bank. The note was paid in full by the maker on maturity. The discounting with recourse is accounted for the conditional sale with recognition of a contingent liability. What amount was received from the note receivable discounting?

a. P4,103,000

b. P3,965,000

c. P4,017,000

d. P4,120,000

Reference no: EM132798147

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