Question 2 (3 points) Moon Inc. factors $600,000 of its accounts receivables on a with recourse basis for a finance charge of 4%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. The estimated fair value of the recourse liability was $8,000. How much is the loss on sale of receivable? $16,000 $68,000 $24,000 $32,000 Question 1 (3 points) Moon Inc. factors $600,000 of its accounts receivables on a without recourse basis for a finance charge of 4%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Which of the following is TRUE regarding the recording of the "due from factor" account? The due from factor account will be debited by $60,000. The due from factor account will be credited by $24,000. The due from factor account will be debited by $24,000 The due from factor account will be credited by $60,000