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What is the amount received from the discounting

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Question - On January 1, 2021, Cactus Company sold land with carrying amount of P1,500,000 in exchange for a 9-month, 10% rate properly reflects the time value of money for this type of note. On April 1, 2021, the entity discounted the note with recourse. The bank discount rate is 12%The discounting transaction is accounted for as a secured borrowing. On October 1, 2021, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus the protest fee of P10,000.On December 31, 2021, the entity collected the dishonored note in full plus 12% annual interest on the total amount due. What is the amount received from the discounting of note receivable?

Reference no: EM132922016

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