The controller for Grouper Corporation has reached an agreement with Monty Financing Ltd$.$ to sell a large portion of Grouper's past$-$

due accounts receivable. Grouper agrees to sell $$1,880,000$ of accounts receivable to Monty with recourse. Grouper's controller

estimates that the fair value of Grouper's liability to pay Monty for uncollectible accounts is $$169,000.$ Monty will charge Grouper $9\%$

of the total receivables balance as a financing fee, and will withhold an initial amount of $10\%.$

$($a$)$

Your answer is partially correct.

Calculate the net proceeds and the gain or loss on the disposal of receivables to Monty Financing Ltd$.$

Net proceeds