danzig inc. factors 4,000,000 of its accounts receivables without recourse for a finance charge of 3%. the finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. what would be recorded by Danzig as a gain (loss) on the transfer of receivables?

loss of 400,000

gain of 120,000

loss of 520,000

loss of 120,000