Concord Corporation assigned $1,582

,000 of accounts receivable to Pharoah Company as

security for a loan of $1,335,000. Pharoah charged a 1% commission on the amount of the

loan; the interest rate on the note was 9%. During the first month, Concord collected

$459,000 on assigned accounts after deducting $1,480 of discounts. Concord accepted

returns worth $5,400 and wrote off assigned accounts totaling $11,880.

The amount of cash Concord received from Pharoah at the time of the assignment was

a)

$1,321,650

b)

$1,335,000

c)

$1,214,850

d)

$1,319,180