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What is the loss to be recognized on the transfer

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Problem - Uthred Company factored P 5,000,000.00 of its account receivables. The factor retained 8% for sales adjustments and charged P300,000 as a financing fee. For simplicity, the estimated and actual amounts are P250,000.00 for sales adjustments and P 100,000.00 for uncollectible accounts. What is the loss to be recognized on the transfer?

Reference no: EM132937088

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