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

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The controller for Bridgeport Corporation has reached an agreement with Sarasota Financing Ltd. to sell a large portion of Bridgeport's past-due accounts receivable. Bridgeport agrees to sell $1,830,000 of accounts receivable to Sarasota without recourse. Bridgeport's controller estimates that the fair value of uncollectible accounts is $164,000. Sarasota will charge Bridgeport 7% of the total receivables balance as a financing fee, and will withhold an initial amount of 8%. The transaction is treated as a sale

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