Sun Inc assigns $2,000,000 of its accounts receivables as collateral for a $1 million 8%...
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Accounting
Sun Inc assigns $2,000,000 of its accounts receivables as collateral for a $1 million 8%
loan with a bank. Sun Inc. also pays a finance fee of 1% on the transaction upfront.
What would be recorded as a gain (loss) on the transfer of receivables?
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