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Hello, I need help to solve step by step. I know the answer on the...

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Accounting

Hello, I need help to solve step by step. I know the answer on the below, so please help me to understand it. Thank you! Testbank Multiple Choice Question 120 Sheffield Corp. factors $6100000 of its accounts receivables without recourse for a finance charge of 4%. The finance company retains an amount equal to 9% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables? correct answer: Loss of $244000

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