Company B uses $800,000 of its accounts receivables as collateral when the company borrowed $5,000,000 4% loan from a bank. To obtain the loan, Company B pays a finance fee of 3% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?

• A. $0
• B. Loss of $200,000
• C. Loss of $150,000
• D. Loss of $800,000