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On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note receivable dated April 30, 2022. the bank discounted the note at 12% on the same date. what amount of cash was received from the discounting? a.1,290,000

b.1,225,500

c.1,320,000

d.1,173,900

What is the gain or loss on note receivable discounting?

a.66,100 loss

b.Zero

c.14,500 gain

d.14,500 loss