n July 1, 2011 Olive Corp. sold equipment to Popeye Co. for P250,000. Olive

accepted a 10% note receivable for the entire sales price. This note is payable in

two equal installments of P125,000 plus accrued interest on December 31, 2011,

and December 31, 2012. On July 1, 2012, Olive discounted the note at a bank at

an interest rate of P12%. How much was Olive's proceeds from the discounted

note?