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A company turns to a bank to obtain a delay of 90 days for its trade payables written in the FS for an amount of euro 3660. Bank agrees to the delay with the company and accepts to pay its trade payables to the supplier on behalf of the company. The cost of this operation will be Euro 340, paid at reimbursement. When the reverse factoring is obtained, the company derecognizes the payables from its balance sheet. Make the JEs:
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