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Sunland Company factors $7100000 of its accounts receivables without recourse for a finance charge of 6%. The finance company retains an amount equal to

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Sunland Company factors $7100000 of its accounts receivables without recourse for a finance charge of 6%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables? O Loss of $426000. O Loss of $1356000. O Gain of $646000. Loss of $220000.

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