Visage Corp. had the following receivable financing transactions during the year: On March 1, 2014, Visage Corp. factored P500,000 of its accounts receivable to BPI. As of the date of factoring, it was ascertained that P20,000 of its accounts receivable is doubtful of collection. BPI advanced P350,000 cash to Visage Corp. and withheld P50,000 factor's holdback (to cover future sales discount and sales returns and allowances). The company incurred P10,000 direct transaction costs (legal fees and other professional fees) related to the factoring. The factoring was done on a without-recourse basis, thus transferring all significant risks and rewards associated to the receivable to BPI. On May 1,2014, Visage Corp. assigned P800,000 of its outstanding accounts receivable to BPI in consideration of a P500,000, 24% loan. BPI charged the company 2% of the accounts assigned as service charge. By the end of May, Visage Corp. collected P200,000 cash from the assigned accounts net of a P5,000 sales discount. By the end of June, Visage Corp. collected another P150,000 from the assigned accounts after P4,000 sales discount. The company accepted merchandise originally invoiced at P30,000 as sales returns and wrote-off P20,000 of the assigned accounts as worthless. It was agreed between parties that monthly collections shall be remitted to the bank as partial payment of the loan and interest. On July 1, 2014, Visage Corp. accepted from a customer a 6-month P600,000, 12% notes receivable for the sale of merchandise. On October 31, 2014, Visage Corp. discounted the note to BPI at a discount rate of 10%. The discounting was done on w without-recourse basis, thus transferring all significant risks and rewards associated to the receivable to BPI.REQUIREMENTS:

1. How much should be reported as gain/loss in the income statement on the transfer of receivables on the factoring of receivable on March 1?

2. How much should be reported as gain/loss in the income statement on the transfer of receivables on the assignment of receivables on May 1?

3. What is the carrying value of the accounts receivable-assigned of June 30?

4. What is the carrying value of the loans payable related to the accounts receivable assigned as of June 30?

5. How much should be reported as gain/loss in the income statement on the transfer of receivables on the discounting of the note receivable on July 1?