Find what recorded as gain on the transfer of receivable

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Reference no: EM132726169

Problem 1: 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?

Reference no: EM132726169

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