XYZ Company transferred $80,000 of Accounts Receivable to Bank of America. Bank of America remits 75% of the factored amount to XYZ Company and retains

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1. XYZ Company transferred $80,000 of Accounts Receivable to Bank of America. Bank of America remits 75% of the factored amount to XYZ Company and retains 25%. When Bank of America collects the receivables, it will remit to XYZ Company the retained amount (estimated to have a fair value of $17,000) less a 1.5% fee (1.5% of the factored amount). What is the amount of gain or loss on the factoring of receivables?