On July 17, 2019, COA SAKALAM Co. sold selected accounts receivable to a factor. The factor charged a 10% commission on gross accounts assigned and a 20% holdback. The selected accounts receivable are as follows: Customer Invoice Date Terms Amount Hairy Low Key Co. July 05, 2019 2/10, n/30 200,000 Bong Stay Co. July 14, 2019 3/10, n/30 300,000 Press 230 Co. July 16, 2019 n/30 250,000 On July 20, 2019, the company issued a credit memorandum to Bong Stay co. for damaged merchandise in the amount of P30,000. Final settlement is made with the bank on August 16, 2019. REQUIRED: (2 points each) 1. How much was the cash received from factoring? 2. How much will be received from the factor on August 16, 2019