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What would be recorded as a gain on the transfer

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Reference no: EM132135028

Question - Lirin Inc. factors $6,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the amounts receivable for possible adjustments. Lirin estimates the fair value of the recourse liability at $230,000. What would be recorded as a gain (loss) on the transfer of receivables?

A. Gain of $530,000.

B. Loss of $1,130,000.

C. Loss of $230,000.

D. Loss of $300,000.

Reference no: EM132135028

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