Crane Company factors $6400000 of its accounts receivables without recourse for a finance charge of...
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Accounting
Crane Company factors $6400000 of its accounts receivables without recourse for a finance charge of 4%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables? Gain of $485000. O Loss of $229000. O Loss of $256000. O Loss of $1125000
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