On February 1, 2020, Strawberry Corp. factored receivables with a carrying amount of $250,000 to Shortcake Inc. Shortcake assessed a finance charge of 3% of the receivables and retained 5% of the receivables. Relative to this transaction, you are to determine the amount of loss on disposal to be reported in the income statement of Strawberry Corp. for February. Assume that Strawberry factors the receivables on a with recourse basis. The recourse obligation has a fair value of $1,000. The loss to be reported is A) $8,500. B) $1,000. C) $7,000. D) $17,000. Sudan Ltd.'s allowance for doubtful accounts was $85,000 at the end of 2020 and $105,000 at the end of 2019. For the year ended December 31, 2020, Sudan reported bad debt expense of $18,000 in its income statement. What amount did Sudan debit to allowance for doubtful accounts during 2020 to write off actual bad debts? OA) $38,000 B) $34,650 C) $12,000 D) $20,000 Grieves Company has the following items at year end: Cash in bank $42.000 Petty cash 1,500 Short-term paper with maturity of 2 months 6,500 Postdated cheques 3,400 Grieves should report cash and cash equivalents of A) $43,500. B) $46,600. C) $50,000. OD) $42,000