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  3. company x factors $320,000 of its receivables on a

Company X factors $320,000 of its receivables on a with recourse basis. The bank assesses...

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Accounting

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?

$1,000

$7,600

$7,400

$8,000

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