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Business, 30.03.2020 23:35 peno211

On April 1, 2020, Headland Company assigns $550,000 of its accounts receivable to the Third National Bank as collateral for a $324,000 loan due July 1, 2020. The assignment agreement calls for Headland to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).

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On April 1, 2020, Headland Company assigns $550,000 of its accounts receivable to the Third National...
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