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What is the net proceeds from note discounting to received

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Problem 1: On December 1, 2019, SAYAW Inc. received a 2-year, P2,000,000 non-interest bearing note from its customer. Due to financial difficulties, SAYAW Inc. discounted the said notes to UCPB Inc. on December 31, 2019 at a 10% discount rate. The applicable discount rate for the similar note is 12%. What is the net proceeds from the note discounting to be received by SAYAW Inc.?(Assume 360-day)

 

Reference no: EM132672838

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