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The controller for Bramble Corporation has reached an agreement with Sheffield Financing Ltd. to sell a large portion of Bramble's past-due accounts receivable, Bramble agrees

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The controller for Bramble Corporation has reached an agreement with Sheffield Financing Ltd. to sell a large portion of Bramble's past-due accounts receivable, Bramble agrees to sell $2,030,000 of accounts receivable to Sheffield with recourse. Bramble's controller estimates that the fair value of Bramble's liability to pay Sheffield for uncollectible accounts is $184.000. Sheffield will charge Bramble 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. (a) Calculate the net proceeds and the gain or loss on the disposal of receivables to Sheffield Financing Ltd. Net proceeds on disposal of receivables eTextbook and Media Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be avilable when you complete the part above

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