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How much gain on the sale of receivables

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Problem - Raleigh Inc. factors $3,000,000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Raleigh estimates the fair value of the recourse liability at $115,000. How much gain (loss) on the sale of receivables will Raleigh record?

Reference no: EM132861432

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