Allister Company transferred $50,000 of accounts receivable to the Western Bank. The transfer was made without recourse. Western remits 92% of the factored amount to Allister and retains 8%. When the bank collects the receivables, it will remit to Allister the retained amount (which Allister estimates has a fair value of $3,500) less a 3% fee (3% of the total factored amount). What amount of loss on sale of receivables would Allister record?