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What is the loss on the notes receivable discounting

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Reference no: EM132982324

Question - XYZ Company accepted from a customer, $1,000,000 face amount, 6 month, 8% note dated April 1, 2018. On the same date, the entity discounted the note without recourse at a 10% discount rate.

Required -

- What is the maturity value of the note?

- How much is the discount?

- What amount of cash was received from the discounting?

- How much is the carrying amount of the note at the time of the discount?

- What is the loss on the notes receivable discounting?

Reference no: EM132982324

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