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How should johnson corporation report transaction

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Reference no: EM132462304

Question 1: Johnson Corporation is considering transferring receivables to a collection agency in exchange for cash. During the negotiations, Johnson stated that they would like to retain ownership along with the benefits but plan to move control of the receivables to the collection agency. If both companies are in agreement with the proposal and the transfer is verified as a sale, how should Johnson Corporation report this transaction:

Problem 1: Under U.S. GAAP?

Problem 2: Under IFRS?

Reference no: EM132462304

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