On February 1, 2020, Black Company factored receivables with a carrying amount of $300,000 to Oswald Company. Oswald Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables. Black estimates that factored receivables of $1,000 are not collectible. Assuming that Black factors the receivables on a without recourse basis, compute the loss on sale of receivables to be reported in the income statement of Black Company for February.

$0. $24,000. $9,000. $10,000.