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Crystal Company obtained a one-year loan of P5,000,000 from a bank on October 1, 2020. The loan was discounted at 12%. The company signed a

Crystal Company obtained a one-year loan of P5,000,000 from a bank on October 1, 2020. The loan was discounted at 12%. The company signed a note and pledged its accounts receivable of P5,000,000 as collateral for the loan. In relation to the loan, Crystal should report note payable on December 31, 2020 at __?

A. 4,400,000

B. 4,450,000

C. 4,550,000

D. 5,000,000

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