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Matinee Company specialized in the sale of IBM compatibles and software packages. The entity had the...

Matinee Company specialized in the sale of IBM compatibles and software packages. The entity had the following transactions with one of the suppliers: Purchases of IBM compatibles, 1,700,000; Purchases of commercial software packages, 1,200,000’ Purchase returns and allowances, 50,000; Purchase discounts taken, 17,000; Purchases were made throughout the year on terms 2/10, n/30. All returns and allowances took place within 5 days of purchases and prior to any payment on account. How much is the purchase discount lost?

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