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Accounting

Hello, I need help to solve step by step. I know the answer on the below, so please help me to understand it. Thank you!

Testbank Multiple Choice Question 122

Oriole Company assigns $6300000 of its accounts receivables as collateral for a $2.07 million 7% loan with a bank. Oriole Company also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables? correct answer: $0

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