ADMIRABLE Company accepted from a customer P5,000,000 face amount, six- month, 10% note dated August 1, 2020. On October 1, 2020, ADMIRABLE discounted the note at Citi Bank at a 12% discount rate. What amount will ADMIRABLE receive from Citi Bank on October 1, 2020? O 5,040,000 5,210,000 O 5,000,000 O 5,250,000

ADMIRABLE Company accepted from a customer P5,000,000 face amount, six- month, 10% note dated August 1, 2020. On October 1, 2020, ADMIRABLE discounted the note at Citi Bank at a 12% discount rate. What amount will ADMIRABLE receive from Citi Bank on October 1, 2020? O 5,040,000 5,210,000 O 5,000,000 O 5,250,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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