Apex Company accepted from a customer P1,000,000 face amount, 6 month, 8% note dated April 1, 2021 On the same day, the entity discounted the note at 10% discount. What amount is the proceeds from discounting?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Apex Company accepted from a
customer P1,000,000 face amount, 6
month, 8% note dated April 1, 2021.
On the same day, the entity
discounted the note at 10% discount.
What amount is the proceeds from
discounting?
Transcribed Image Text:Apex Company accepted from a customer P1,000,000 face amount, 6 month, 8% note dated April 1, 2021. On the same day, the entity discounted the note at 10% discount. What amount is the proceeds from discounting?
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