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Packers Company factored $200,000 in accounts receivable with Vikings Finance on a with recourse basis. Vikings charges a fee of 3% of accounts receivable and
Packers Company factored $200,000 in accounts receivable with Vikings Finance on a with recourse basis. Vikings charges a fee of 3% of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. The liability associated with the guarantee has a fair value of $3,000. What amount of loss on the sale of receivables would Packers record? $9.000$13,000$3,000$6.000
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