Popper Enterprises Factors $800,000 of Its Accounts Receivables to Third

Popper Enterprises factors $800,000 of its accounts receivables to Third Bank with recourse for a finance charge of 5%.The finance company retains an amount equal to 7% of the accounts receivable for possible adjustments.Third Bank will return the hold back to Popper when it collects the receivables.In addition,the fair value of the recourse liability is estimated at $20,000.What amount of cash would Popper receive as a result of this transaction?

A) $764,000
B) $724,000
C) $704,000
D) $684,000