On November 1, 20x1, ABC discounted a P1,000,000, 6-month note, received from a customer on July 1, 20x1, with a bank at 16% on a without recourse basis. Use months instead of days. Loss on discounting would be The correct answer is: 8,267 REQUIRED: Provide the step-by-step solution.

On November 1, 20x1, ABC discounted a P1,000,000, 6-month note, received from a customer on July 1, 20x1, with a bank at 16% on a without recourse basis. Use months instead of days. Loss on discounting would be The correct answer is: 8,267 REQUIRED: Provide the step-by-step solution.

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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20. On November 1, 20x1, ABC discounted a P1,000,000, 6-month note, received from a customer on July 1, 20x1, with a bank at 16% on a without recourse basis. Use months instead of days. Loss on discounting would be

The correct answer is: 8,267

REQUIRED: Provide the step-by-step solution.

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