11 On February 1, 2020, Straw Co. factored receivables to Hay Inc. Hay withheld 5% of the receivables. Receivables carrying amount = 50,000.00 Hay assessed a finance charge of 1.00% Assume that Straw factors the receivables on a with recourse basis. The recourse obligation has a fair value of $1,000. Straw should report the loss in February of a) 2.500 b) 3,500 c) 1,500 d) 4,000 12 During December 2020, Soki Ltd. sells $30,000 of gift cards to customers. Management estimates that 20% of the gift cards sold will not be redeemed by customers. In January 2021 Card redeemed = 2,550.00 Cost = 1.147.50 How much should Soki record sales revenue in January? a) o b) 3,188 c) 2,040 d) 1.403 13 Under a consignment arrangement, the risk that merchandise might NOT sell is a) held with the consignor. b) held with the consignee. c) shared by the consignor and the consignee. d) There is no risk associated with goods held on consignment