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Problem 3 (Discounting of Notes Receivable) On January 1, Panther Corporation received one-year 12% note receivable with a face value of P100,000 from one of its customers. On October 1, Panther Corporation discounted the note to Peaceful Bank to meet some of its maturing obligations. The bank's rate in discounting the note is 14% Question 3: How much is the proceeds from discounting of notes receivable? =