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1.Anderson Company transferred $100,000 of accounts receivable to the Eastern Bank. The transfer was made without recourse. Eastern remits 90% of the factored amount to Anderson and retains 10%. When the bank collects the receivables, it will remit to Anderson the retained amount (which Anderson estimates has a fair value of $8,000) less a 3% fee (3% of the total factored amount). What amount of loss on sale of receivables would Anderson record

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Answer:

$2,000

Explanation:

Retained amount = $100,000 * 10% = $10,000

Fee = $100,000 * 3% = $3,000

Amount received from Anderson = $10,000 - $3,000 = $7,000

Gain from fair value = $8,000 - $7,000 = $1,000

Loss on sale receivables = $3,000 - $1,000 = $2,000

Therefore, the amount of loss on sale of receivables that Anderson would record is $2,000