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Ignite Co. used $71,172,000 of its accounts receivable as collateral on a $53,400,000 loan. The interest rate on the loan was only 6% due to
Ignite Co. used $71,172,000 of its accounts receivable as collateral on a $53,400,000 loan. The interest rate on the loan was only 6% due to the collaterall, but the bank did require that Ignite Co. pay an upfront finance charge of 1%. Based on this information, how much of a gain or loss should Ignite Co. record on the transfer of receviables?
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