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On May 1, a company ABC factored 770,000 of A/R with company ZYX without recourse. Company ZYX assessed a factoring fee of 4% of the
On May 1, a company ABC factored 770,000 of A/R with company ZYX without recourse. Company ZYX assessed a factoring fee of 4% of the total A/R factored and retains 3% of the receivable to protect against sales discounts or returns. Assume the three conditions of recognizing a transfer as a sale are met. What is the amount of loss recognized on the sale by company ABC
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