Bramble Financial Services has agreed to purchase $600,000 of Sheffield Corporation's outstanding accounts receivable, with recourse. Sheffield's controller estimates that the fair value of the uncollectible accounts is $96,000. Bramble will charge Sheffield 10% of the total receivables balance as a financing fee, and will withhold an initial amount of 20%. (a) Calculate the net proceeds and the gain or loss on the sale of receivables to Bramble. Net proceeds $ on disposal of receivables $