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The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a large portion of Sarasota's past-due accounts receivable. Sarasota agrees to sell $1,960,000 of accounts receivable to Bridgeport with recourse. Sarasota's controller estimates that the fair value of Sarasota's liability to pay Bridgeport for uncollectible accounts is $178,000. Bridgeport will charge Sarasota 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%