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What would be recorded as a gain (loss) on the transfer of receivables, accounting homework help
Sunland Company factors $7100000 of its accounts receivables with recourse for a finance charge of 4%. The finance company retains an amount equal to 9% of the accounts receivable for possible adjustments. Sunland estimates the fair value of the recourse liability at $250000. What would be recorded as a gain (loss) on the transfer of receivables?
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