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What is the recourse liability related to this transaction

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Question - Company X factors $320,000 of its receivables on a with recourse basis. The bank assesses a charge of 2% of receivables and retains 2.5% of receivables. The company received $298,000 in cash and recorded a loss on sale worth $15,000. What is the recourse liability related to this transaction?

a. $7,400

b. $1,000

c. $8,000

d. $7,600

Reference no: EM132687597

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