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On February 1, 2019, Henson Company factored receivables with a carrying amount of $700,000 on...

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Accounting

On February 1, 2019, Henson Company factored receivables with a carrying amount of $700,000 on a without recourse basis to Agee Company. Agee Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables as Due to Customer. Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Henson Company for February. The loss to be reported is

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