The controller for Blue Spruce Corporation has reached an agreement with Swifty Financing Ltd, to sell a large portion of Blue Spruce's past-due accounts receivable. Blue Spruce agrees to sell $2,020,000 of accounts receivable to Swifty with recourse. Blue Spruce's controller estimates that the fair value of Blue Spruce's liability to pay Swifty for uncollectible accounts is $183,000. Swifty will charge Blue Spruce 7% of the total receivables balance as a financing fee, and will withhold an initial amount of 8%. Calculate the net proceeds and the gain or loss on the disposal of receivables to Swifty Financing Net proceeds $