III. PROBLEM SOLVING (25 points)
1-Oct ABC Co. assigned 1,200,000 of accounts receivable to 2nd bank. The bank loans is 80% less service charge of 5% based on the loan amount. ABC signed a promissory note that provides 1% interest based on uncollected loan balance, to be duducted from collections. Received notice that 400,000 of ARA was less 3% dis......
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