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Danzig Inc. factors $3,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to10% of
Danzig Inc. factors $3,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to10% of the accounts receivable for possible adjustments. What would be recorded by Danzig as a gain(loss) on the transfer ofreceivables?
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