Bramble Corporation factored, with recourse, $175000 of accounts receivable with Martinez Financing. The finance charge is 4%, and 6% was retained to cover sales discounts, sales returns, and sales allowances. Bramble estimates the recourse obligation at $4700. What amount should Bramble report as a loss on sale of receivables?

$7000.

$22200.

$-0-.

$11700.