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A Crest Textiles factors $40,000 of accounts receivable on a with recourse basis. The Factor agrees to provide financing based on these receivables, but imposes a 10% one-time fee. In addition, the transferor and transferee agree that $3,000 of sales returns and allowances (adjustments) can be expected from these accounts. Further, Crest Textiles determines that this recourse obligation has a fair value of $5,000. What is the loss or expense to be recorded by the transferor? Select one: O a. $9,000 O b. $7,000 O c. $4,000 O d. $3,000 Lucky company borrowed an amount of money from ZER Finance Co. In return, ZER Finance Co received a $ 200,000, 4 year, 6% note from Lucky. On the date of the transaction, the market rate on interest was 8% for a similar note. Instructions: Calculate the net carrying value of the notes receivable on the books of ZER Finance, at the end of year one assuming that Zer is using effective interest method to amortize discount or premium on note receivable The following information might help you: Present value of a future sum factor, 6%, 4 years= 0.7921 Present value of a future sum factor, 8%, 4 years= 0.7350 Present value of an ordinary annuity factor, 6%, 4 years= 3.5 Present value of an ordinary annuity factor, 8%, 4 years= 3.3 (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer: Normally, zero interest bearing notes receivable can never be issued at a premium. Select one: O a. False O b. True An overstatement of ending inventory in Period I would result in income of Period 2 being Select one: a. no effect. O b. overstated. O c. correctly stated. O d. The answer cannot be determined from the information given