ABC Incorporated sold $271,000 of accounts receivable to Best Factors Inc. on a with recourse basis. Best Factors assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments. Assume the recourse liability has a fair value of $14,000.

What amount of cash is exchanged at time of the initial transfer?

$232,610

$241,190

$246,610

$271,000