Business, 28.05.2021 14:10, itsyagirlgona21

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbrough. Duff accepted the receivables subject to recourse for nonpayment. Duff assessed a fee of 3% and retains a holdback equal to 5% of the accounts receivable. In addition, Duff charged 15% interest computed on a weighted-average time to maturity of the receivables of fifty-four days. The fair value of the recourse obligation is $9,000. Scarbrough will receive and record cash of:___. a. $556,685.b. $547,685.c. $538,685.d. $529,685.

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Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Contro...