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What total expense on sale of receivables does recognize

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Problem 1: Yoda sells $80,000 accounts receivable with recourse. He pays a commission equal to 10 percent of the Gross accounts receivable and estimates the recourse obligation to have a fair value of 3,000. Yoda initially receives cash of $60,000 at the date of the sale. What total expense/loss on sale of receivables does he recognize on the date of sale? Enter a positive number for a debit and a negative number for a credit.

Reference no: EM132878683

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