1.CMA Company accepted from a customer P1,000,000 face amount, 6-month,8% note dated April 1, 2021. on the same date, the entity discounted the note without recourse at a 10% discount rate. what amount should be recognized as loss on notes receivable discounting?

2.CPA Company factored 6,000,000 of accounts receivable to a finance entity at the end of current year. Control was surrendered by CPA Company. the factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts Receivable. in addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days. what is the amount of cash initially received from the factoring?

3.CPA Company provided the following information relating to current operations

Accounts Receivable, January 1	4,000,000
Accounts Receivable Collected	8,400,000
Cash Sales	2,000,000
Inventory, January 1	4,800,000
Inventory, December 31	4,400,000
Purchases	8,000,000
Gross Profit	4,200,000

What amount should be reported as accounts receivable on December 31?