Tt problem 8-14 (IAA) necember 1, 2019, Solvent Company assignea on 0n nt receivable totaling P5,000,000 as collatity will accoun 000 12% note from a certain bank. The en d specific Puosinue to collect the assigned accounts receiva tity continue ivable. edition to the interest on the note, the bank also chargea In 5% finance fee deducted in advance on the assigne also charged accounts. December collections of assigned acounts receiva gmounted to P2,000,000 less cash discount of P200,000. December 31, 2019, the entity remitted the collections the bank in payment for the interest accrued on December 81, 2019 and the note payable. accounts receivable The entity accepted sales returns ofP100.000 on the assigned accounts and wrote off assigned accounts of P300,000 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2019? a. 4,000,000 b. 3,800,000 c. 4,750,000 d. 3,750,000 2. What is the carrying amount of note payable on December 31, 2019? a. 1,840,000 b. 2,140,000 c. 2,240,000 d. 2,200,000 3. What amount should be disclosed as the equity ofSolvent Company in assigned accounts on December 31, 2019? a. 260,000 b. 400,000 . 360,000 d. 760,000 221