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Assume that $48,000 of accounts receivable is factored on a with recourse basis. If a 2% finance charge is assessed, 3% is retained for adjustments,

Assume that $48,000 of accounts receivable is factored on a with recourse basis. If a 2% finance charge is assessed, 3% is retained for adjustments, and any recourse liability has a fair value of $2,000, how much loss on sale of receivables should be recorded? (Ch7) $1,440 $960 $3,440 $2,960image text in transcribed

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