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Coronado Industries factors $3050000 of its accounts receivables without recourse for a finance charge of...

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Accounting

Coronado Industries factors $3050000 of its accounts receivables without recourse for a finance charge of 4%. The finance company retains an amount equal to 9% of the accounts receivable for possible adjustments. Coronado estimates the fair value of the recourse liability at $320000. What would be the debit to Cash in the journal entry to record this transaction?

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