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On January 1, 2020, BSA Company loaned money to ABC COmpany in exchange for 12%, one year promissory note. On August 31, 2020 the promissory

On January 1, 2020, BSA Company loaned money to ABC COmpany in exchange for 12%, one year promissory note. On August 31, 2020 the promissory note was discounted without recourse at 15% and received 622,440 as proceeds. Compute for the gain or loss on discounting of the promissory note.

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