Question: On February 1 , 2 0 2 3 , Cullumber Corp.factored receivables with a carrying amount of$ 3 2 0 0 0 0 to Pharoah

On February 1,2023, Cullumber Corp.factored receivables with a carrying amount of$320000 to Pharoah lnc. Pharoah assessed a fnance charge of 3% of the receivables andretained 5% of the receivables. Assume that Cullumber factors the receivables on a withrecourse basis. The recourse obligation has a fair value of $1280. What is the value of theholdback that would be Due from Factor?

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