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What amount of loss should BB Corporation recognize

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Question - On February 1, 2022, BB Corporation factored receivables without recourse with a face amount of P600,000 to Lucas Corporation. BB Corporation advances P490,000 to Lucas Corporation. Lucas Corporation's holdback rate is 5% of the factored receivables. What amount of loss should BB Corporation recognize as a result of factoring of receivables?

Reference no: EM133143065

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