Maso Co. assigned $1,600,000 of accounts receivable to Panda Finance Co. as security for a loan of $1,200,000. Panda charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Maso accepted returns worth $7,500 and wrote off assigned accounts totaling $11,300. The amount of cash Maso received from Panda at the time of the assignment was: O a. $1,176,000 O b. $1,181,200 O. $1,080,000 O d. $1,168,000