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On Nov. 1, 20x1 Sunny Friday Co. discounted a P1,000,000 6-month, 12% note, received from a customer on July 1, 20x1 with a bank at

On Nov. 1, 20x1 Sunny Friday Co. discounted a P1,000,000 6-month, 12% note, received from a customer on July 1, 20x1 with a bank at 16%. Requirement: provide the entry on Nov. 1 under each of the following scenarios.

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