5. Lorie Anne Company finances some of its current operations by factoring its accounts receivable to a finance company. On July 1, 2020, Lorie Anne factored P 2,000,000 of its accounts receivable to Buco Finance Company. Bucos factoring fee was 15% of the receivable purchased. Buco withheld 5% of the purchase price as protection against sales returns and allowances. What was the net cash received by Lorie Anne from these factored accounts?

6. Real Company sold P300,000 of its accounts receivables without recourse to a factoring agency. The purchaser assessed a finance charge of 5%. It also retained 5% to cover adjustments (sales returns, discounts, etc.). What is the journal entry that would be recorded by Real Company on the date of factoring?

8. On January 1, 2020, AINT NO VALLEY LOW ENOUGH Company sold computers costing 700,000 with accumulated depreciation of 70,000 in exchange for a 650,000 note receivable payable in four installments as follows: 400,000 1st year; 50,000 2nd year; 20,000 3rd year; and 180,000 4th year. A 7% interest is also payable yearly. The effective rate is 5%. How much is the discount on notes receivable on January 1, 2020?

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