The controller for Swifty Corporation has reached an agreement with Blue Spruce Financing Ltd. to sell a large portion of Swifty's past-due accounts receivable. Swifty agrees to sell $1,980,000 of accounts receivable to Blue Spruce with recourse. Swifty's controller estimates that the fair value of Swifty's liability to pay Blue Spruce for uncollectible accounts is $180,000. Blue Spruce will charge Swifty 7% of the total receivables balance as a financing fee, and will withhold an initial amount of 8%. (a) Calculate the net proceeds and the gain or loss on the disposal of receivables to Blue Spruce Financing Ltd. Net proceeds $ on disposal of receivables $