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Problem Solving. ABC has an accounts receivable with a gross amount of P150,000 and 2% allowance to be doubtful. ABC sold this account to nC20

Problem Solving. ABC has an accounts receivable with a gross amount of P150,000 and 2% allowance to be doubtful. ABC sold this account to nC20 Finance Inc for 95% of the carrying value of accounts receivable under a casual agreement. nC20 also charges a factoring fee and commission of 2% of the carrying value. Determine the amount to be recognized as loss from factoring

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