The controller for Martinez Corporation has reached an agreement with Marigold Financing Ltd$.$ to sell a large portion of Martinez's

past$-$due accounts receivable. Martinez agrees to sell $$1,900,000$ of accounts receivable to Marigold with recourse. Martinez's

controller estimates that the fair value of Martinez's liability to pay Marigold for uncollectible accounts is $$171,000.$ Marigold will

charge Martinez $8\%$ of the total receivables balance as a financing fee, and will withhold an initial amount of $9\%.$

$($a$)$

$$ Your answer is partially correct.

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

Net proceeds

on disposal of receivables $