On May 16, 2020, Love Company discounted with the bank a 90-day, P75,000, 9% note dated April 6, 2020. The discount rate is at 10%. Use 365 days

1. What are the net proceeds on the discounting of the note? (Round your answer to the nearest peso; input your answer e. g. 50,000)
2. If the discounting is without recourse, and assuming the maker of the note did not pay the bank on the date of maturity, at what amount will the note be presented in the statement of financial position as of December 31, 2020. (Input the answer e. g. 50,000)