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A P1,000,000, 280-day, 12% note dated July 1 was received from a Customer and discounted without recourse on August 30 at 15% discount rate. Note:

A P1,000,000, 280-day, 12% note dated July 1 was received from a Customer and discounted without recourse on August 30 at 15% discount rate. Note: This is discounting without recourse.

COMPUTE:

1. Maturity value

2. Net proceeds from discounting

3. Give the Journal entry

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