Business, 03.05.2021 18:20 tommyaberman

On February 1, 2020, Coronado Industries factored receivables with a carrying amount of $720000 to Sandhill Company. Sandhill Company assesses a finance charge of 4% of the receivables and retains 6% 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 Coronado Industries for February. Assume that Coronado factors the receivables on a with recourse basis. The recourse obligation has a fair value of $3500. The loss to be reported is $28800. $32300. $75500. $43200.

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On February 1, 2020, Coronado Industries factored receivables with a carrying amount of $720000 to S...

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