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Problem 9-8 (AICPA Adapted) Roth Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. After holding the note for six months, the entity discounted the note at the bank at an effective interest rate of 10%. 1. What amount of cash was received from the note receivable discounting? a. 540,000 b. 523,810 c. 513,000 d. 495,238 2. What amount should be reported as loss on note receivable discounting? a. 20,000 b. 13,000 C. 7,000 d. Problem 9-9 (AICPA Adapted) On July 1, 2022, Lee Company sold goods in exchange for P2,000,000, 8-month, noninterest-bearing note receivable. At the time of the sale, the note's market rate of interest was 12%. The note was discounted at 10% on September 1, 2022. 1. What amount was received from the note receivable discounting? a. 1,940,000 b. 1,938,000 c. 1,900,000 d. 1,880,000 2. What amount should be reported as loss on note receivable discounting? a. 100,000 b. 125,000 CS C. 25,000 ith CamScanner a. 0Problem 9-7 (IAA) Chameleon Company provided the following data for the current year. June 1 Received from Aye Company a P5,000,000, 12% 90-day note for merchandise sold. July 1: Received from Bee Company a P6,000,000, 10% 60-day note in full payment of an account. 1 Discounted the Aye Company note at the bank at 12%. 16 Discounted the Bee Company note at the bank at 12%. August 30 The bank notified Chameleon Company that the Bee Company note was paid. 30 The bank notified Chameleon Company that Aye Company defaulted on the note and charged the amount of principal, interest and a fee of P20,000 against Chameleon's bank account. Dec. 30 Received full payment from Aye Company for the dishonored note plus 12% annual interest on the total amount due for four-months. Required: Prepare journal entries to record the transactions on the assumption: 1. The discounting of note receivable is accounted for as a secured borrowing. CS. 2.The discounting of note receivable is accounted for as conditional sale with recognition of contingent liability