What would be recorded as a gain on the transfer
Sun Inc assigns $2,000,000 of its accounts receivables as collateral for a $1 million 8% loan with a bank. Sun Inc. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?
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At the close of its first year of operations, December 31, 2014, Madeline Company had accounts receivable of $1,100,000, after deducting the related allowance for doubtful accounts.
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Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle.
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