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On January 1, 2020, ABC Incorporated's statement of financial position showed a balance of 10 million of its accounts receivable. On this date, ABC assigned 4 million of its accounts receivable to XYZ Bank. As per agreement, ABC will continue to collect the assigned accounts receivable.
Problem a. How much cash was received from the assignment of accounts receivable on January 1, 2020?
Problem b. What would be the balance of its accounts receivable account on January 1, 2020 after assignment?
Problem c. How much cash was remitted to XYZ Bank on April 30 in final settlement of the Loan?
Problem d. If ABC's accounting period ends on February 28, how much equity on assigned accounts would be disclosed?
Problem e. Give the entry to record transactions on February 1 and April 30
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