Why might a company establish a special purpose entity (SPE) instead of pledging accounts receivable?

	A.	The cost of pledging is often 12 to 15 percent of the accounts receivable amount.
	B.	The company retains responsibility for collecting amounts due with an SPE, whereas pledging transfers responsibility to another party.
	C.	The company's leverage does not increase.
	D.	The borrowing of an SPE remains on the balance sheet of the parent company.