Question: 8 When a note receivable is discounted (a) The note is removed from the assets (b) The note is maintained in the assets and a

8 When a note receivable is discounted

(a) The note is removed from the assets

(b) The note is maintained in the assets and a liability is recorded

(c) The note is removed from the assets or maintained in the assets with a liability recorded, depending on the national GAAP

(d) None of these

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