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Notes Receivable topic What is the amount collected on 2 points December 31, 2019 on defaulted B Company note? Assuming AJerjer Co. has the following

Notes Receivable topic

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What is the amount collected on 2 points December 31, 2019 on defaulted B Company note? Assuming AJerjer Co. has the following transactions in 2019 involving notes receivables: * May 1 Received a P1, 000,000, 90-day, 12% interest bearing note from A Company in settlement of account. 1 Received a P1, 500,000, 6-month, 12% interest bearing note from B Company in settlement of account. July 30 A Company defaulted on the P1,000,000 note. Aug. 1 Discounted the B Company note at a bank at 15%. Sept. 1 Received a one-year noninterest bearing note from C Company in settlement of a P600,000 account receivable. The face value of the note was P660,000. 30 Collected the defaulted A Company note plus accrued interest at 12% per annum on the total amount do Oct. 1 Received a P2, 500,000, 90-day note from D Company. The note is for the payment goods purchased and bears interest at 12% Nov. 1 B Company defaulted on the P1,500,000 note. Ajerjer Co. paid the bank the total amount due plus P60, 000 for protest fee and other bank charges. Dec. 30 Collected D Company note in full. 31 Collected from B Company in full including interest on the total amount due at 12% since default date. Your

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