Blue Co. received a zero-interest bearing note when it lent cash to Green Co. on January 1st Year 1. The principal of the note was $400 and the price (present value) of the note was $320 on the day of lending. On January 1st Year 1, which of the following should be recorded by the lender Blue Co.? Account Titles Cash Notes receivable Dr. Cr. 320 320 Account Titles Cash Discount on notes receivable Notes receivable Dr. Cr. 320 80 400 Account Titles Notes receivable Discount on notes receivable Cash Dr. Cr. 320 80 400 O Account Titles Dr. Cr. Sun Inc. factors $600,000 of its accounts receivables on a without recourse basis for a finance charge of 4%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Which of the following is TRUE? The loss on sale of receivable is $24,000. The loss on sale of receivable is $ 36,000. The loss on sale of receivable is $60,000. The loss on sale ofreceivable is $84,000