22. On July 1, Year 10, Cabaret Corporation factored P80,000 of its accounts receivable without recourse to Playtime Company. Playtime retains 10% of the accounts receivables as an allowance for sales...

Extracted text: 22. On July 1, Year 10, Cabaret Corporation factored P80,000 of its accounts receivable without recourse to Playtime Company. Playtime retains 10% of the accounts receivables as an allowance for sales returns and charges a 5% commission on the gross amount of factored receivables. How much cash did Cabaret receive from factoring its receivables? a. 80,000 b. 72,000 c. 68,000 d. 76,000