What amount was received from note receivable discounting

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On July 1, 2020, Jolly Company sold goods in exchange for P2,000,000, 8-month, non interest- bearing note receivable. At the time of the sale, the note's market rate of interest, was 12%. The note was discounted at 10% on September 1, 2020.

Problem 1: What amount was received from the note receivable discounting?

Reference no: EM132807266

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