ASC 606 includes a list of indicators for determining whether control has transferred from a seller to a customer. Which of the following is NOT an indicator to a transfer of control?

		Customer has accepted the asset.
		Customer takes physical possession of the asset.
		Seller has legal title to the asset.
		Seller has right to payment.

On September 1, 2022, Benjamin Co. loaned $5,000 cash to Button Inc. and received a two-year, 8% note. Cash interest is due each August 31, and the principal is due at the end of the second year. The stated rate and market rate are equal. Benjamin Co. has a December 31 year-end.

Assuming the proper amount of interest was accrued on December 31, 2022, what account (in Benjamin's books) shows a decrease in its balance on August 31, 2023?

		Interest Revenue
		Interest Receivable
		Interest Expense
		Note Receivable

Fearless Inc. factors with recourse $450,000 of accounts receivable with a finance company. The factor charges a 5% finance fee and retains an amount equal to 15% of the accounts receivable for sales adjustments. Fearless estimates its recourse liability for bad debts to be $6,000.

What is the amount of the loss on sale of receivables that Fearless would recognize upon sale of its receivables to a factor?

		$67,500
		$28,500
		$22,500
		$6,000