On July 1, 2020, Nothing New Company sold goods in exchange for P2,000,000,8-month, noninterest-bearing note receivable. At the time of the sale, the marketrate of interest was 12%. The entity discounted the note at 10% on September 1,2020. What is the cash received from discounting?P1,940,000P1,938,000P1,900,000P1,880,000

solution : given face value of note =P 2,000,000 maturity period =8 month…

Answered: On July 1, Nothing New Company sold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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