s) Paterson Inc. used $43,494,000 of its accounts receivable as collateral on a $32,600,000 loan. The...

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s) Paterson Inc. used $43,494,000 of its accounts receivable as collateral on a $32,600,000 loan. The interest rate on the loan was only 6% due to the collateral, but the bank did require that Paterson Inc. pay an upfront finance charge of 1%. Based on this information, how much of a gain or loss should Paterson Inc. record on the transfer of receivables? O $0 O $434,940 O $2,609,640 O $43,059,060 s) Paterson Inc. used $43,494,000 of its accounts receivable as collateral on a $32,600,000 loan. The interest rate on the loan was only 6% due to the collateral, but the bank did require that Paterson Inc. pay an upfront finance charge of 1%. Based on this information, how much of a gain or loss should Paterson Inc. record on the transfer of receivables? O $0 O $434,940 O $2,609,640 O $43,059,060

Answer rating: 100% (QA)

Step 1 Answer 0 Explanation Whenever Receivables are held as colla... View the full answer