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Question
Ghore Corporation uses the net price method of accounting for cash discounts. In one of the transactions on March 22, 2018, Ghore Corporation sold merchandise with a list price of P1,000,000 to a client who was given a trade discount of 15% and 10% Credit terms were 3/15, n/30.
The goods were shipped FOB Destination, freight collect. Total freight charges paid by the client amounted to P9,300. On March 25, 2018, the client returned the damaged goods originally billed P75,000.
Required:
1. What is the amortized cost of this Receivable on March 28, 2018? _________________
2. Assume the freight terms is FOB Shipping Point, what is the amortized cost of this Receivable on March 28, 2018? __________________
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