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Problom 5: On December 5, 2015, CM Co. sold its accounts receivable (NRV is P 260,000) for cash of P 230,000. 10% of the proceeds

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Problom 5: On December 5, 2015, CM Co. sold its accounts receivable (NRV is P 260,000) for cash of P 230,000. 10% of the proceeds was withheld by the factor to allow possible customer returns and other account adjustments. The related allowance for bad debts is p 40,000. 12. What amount of loss on factoring should be recognized

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