carrying GELC Problem D (2 points each) ABC Company factored P3,500,000 of accounts receivable with a finance company. The factoring fee was 3% of the accounts purchased. The finance company withheld 10% of the purchase price to cover sales discounts, returns and allowances. 1. What amount of cash was received on the factoring of accounts receivable? 2. What amount should be recognized as loss on factoring