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On June 30, 2020, the entity also discounted a customer's note with recourse at a bank at a 10% discount rate. The note is dated May 1, 2020 has a term of 90 days, a face value of P 6,000,000 and an interest rate of 9%. The entity accounted for this transactions as a secured borrowing. The customer paid the note to the bank on maturity date.
Problem 1: What is the amount of proceeds from discounting the note on June 30, 2020?
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