At the end of 2013, Firm ABC needs cash to fund operations and wants to use its accounts receivable to facilitate financing. Suppose Firm ABC and a bank agree that Firm ABC will transfer a portion of its accounts receivable to the bank in exchange for cash. The transfer will take place on December 15, 2013. Per the agreement, Firm ABC will then purchase back the accounts receivable from the bank for 104% of their original carrying value. The repurchase will take place on January 31, 2014. Under current U.S. GAAP, how would Firm ABC account for this A/R transfer? a. Auction of A/R ob. Depreciable exchange of A/R O c. Secured borrowing O d. Sale of A/R O e. None of the above is correct