Sun inc factors 6000000 of its accounts receivables with, Financial Accounting

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Sun inc factors 6000000 of its accounts receivables with

Sun Inc. factors $6,000,000 of its accounts receivables WITH recourse for a finance charge of 3%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Sun estimates the fair value of the recourse liability at $300,000. What would be recorded as a gain (loss) on the transfer of receivables?

PLEASE EXPLAIN & SHOW ALL WORK

Loss of $480,000.

Loss of $300,000.

Gain of $1,080,000.

Gain of $180,000.

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Financial Accounting: Sun inc factors 6000000 of its accounts receivables with

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Financial Accounting: Sun inc factors 6000000 of its accounts receivables with

Reference No:- TGS01694964

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