Scorpio Company kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information:

-The cash balance per book on June 30 was P8,500,000

-A deposit of P1,000,000 that was placed in the bank's night depository on June 30 did not appear on the bank statement.

-The bank statement showed that on June 30 the bank collected note for the entity and credited the proceeds of P950,000 to the entity's account, net of collection charge P50,000

-Checks outstanding on June 30 amounted to P300,000 including certified check for P100,000

-The entity discovered that a check written in June for P200,000 in payment of an account payable had been recorded in the entity's records as P20,000

-Included with the June bank statement was NSF check for P250,000 received from a customer on June 26

-The bank statement showed a P20,000 service charge for June

39. What amount should be reported as cash in bank on June 30?

40. What is the balance per bank statement on June 30?

45. Miya Company factored P6,000,000 of accounts receivable to a finance entity at the end of current year. Control was surrendered by Miya Company.

The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable.

In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days.

What is the amount of cash initially received from the factoring? (use 365 days)

Legends Company accepted from a customer P1,000,000 face amount, 6-month, 8% note dated April 1,2019.

On the same date, the entity discounted the note without recourse at a 10% discount rate.

46. What amount of cash was received from the discounting?

47. What is the loss on note receivable discounting?

On December 31, 2019, Soo Company sold used equipment with carrying amount of P2,000,000 in exchange for a noninterest bearing note of P5,000,000 requiring ten annual payments of P500,000. The first payment was made on December 31, 2020.

The market interest for similar note was 12%. The present value of an ordinary annuity of 1 at 12% is 5.65 for ten periods and 5.33 for nine periods.

48. What is the carrying amount of the note receivable on December 31, 2019?