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Concord Corporation factors $3500000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 7%

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Concord Corporation factors $3500000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 7% of the accounts receivable for possible adjustments. Concord estimates the fair value of the recourse liability at $330000. What would be the debit to Cash in the journal entry to record this transaction? $2750000.$3080000.$3500000$3325000

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