Business, 24.12.2020 16:10 igotdiss2178

On February 1, 2020, Vaughn Manufacturing factored receivables with a carrying amount of $665000 to Ivanhoe Company. Ivanhoe Company assesses a finance charge of 2% of the receivables and retains 4% of the receivables. Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Vaughn Manufacturing for February. Assume that Vaughn factors the receivables on a with recourse basis. The recourse obligation has a fair value of $3500. The loss to be reported is

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On February 1, 2020, Vaughn Manufacturing factored receivables with a carrying amount of $665000 to...

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