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1. Entel Inc factored $100,000 of its accounts receivable without recourse with a factor and received $80,000 of the $20,000 difference, $8,000 was the financing fee and the reminder
Was held back for sales adjustments. The firm and the factor agree to share equally the cost of any sales adjustments exceeding $12,000. Actual sales adjustments amounted to $14,000; the remaining amount of receivable was collected. What is the factor’s net income from this factoring arrangement?
a. $7,000
b. $20,000
c. $19,000
d. $18,000
e. $6,000

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