What is the transfer of receivables


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 on the transfer of receivables?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What is the transfer of receivables
Reference No:- TGS0555850

Expected delivery within 24 Hours