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What is the net proceeds from the note discounting

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Problem 1: On July 1, 2019, AWIT Inc. received a 180-day P1,000,000 note receivable from its customer with 10% interest. Due to financial difficulties, AWIT Inc. discounted the said notes receivable to RCBC Inc. on August 15, 2014 at a 15% discount rate. What is the net proceeds from the note discounting to be received by AWIT Inc.? (Assume 360-day)

Problem 2: What is the gain/(loss) on note receivable discounting to be recognized by AWIT Inc.?

Reference no: EM132672836

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