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How much should be recognized as loss on factoring

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Question 1: Jennie factored $3,000,000 of accounts receivable without recourse. The factor required an assessment fee of 10% of the accounts factored and a holdback of 15% of the accounts factored for possible sales returns and allowances. The accounts factored had a related allowance for doubtful accounts of $200,000. How much should be recognized as loss on factoring?

Reference no: EM132858833

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