Monty Financial Services has agreed to purchase $480,000 of Grouper Corporation's outstanding accounts receivable, with recourse. Grouper's controller estimates that the fair value of the uncollectible accounts is $76,800. Monty will charge Grouper 10% of the total receivables balance as a financing fee, and will withhold an initial amount of 20%. (a) Calculate the net proceeds and the gain or loss on the sale of receivables to Monty. Net proceeds on disposal of receivables $