A P2,400,000, 6-month, 10% note dated May 1 is received from a customer by an entity and discounted with recourse by First Bank on July 1 at 12%. Based on conditional sale, compute for the following; a.       Net proceeds b.      Discount period c.       Carrying amount of note receivable d.      Gain or loss on note receivable discounting e.       Journal entry for the conditional sale f.        Journal entry, note is paid by maker on maturity g.      Journal entry, note is dishonored by maker, entity pays the Bank the maturity value plus protest fee and other bank charges of P5,200.

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