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Packers Company factored $200,000 in accounts receivable with Vikings Finance without recourse. Vikings charges a fee of 3% of accounts receivable and retains an amount

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Packers Company factored $200,000 in accounts receivable with Vikings Finance without recourse. Vikings charges a fee of 3% of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Whar dollar amount will Packers record as a loss on sale of receivables? noloss will be recorded on the sale. $10,000$16,000$6,000

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