Checking VBA code

[Novosedoff]

I apply the below function to the range that has the same dimension as x or defaultdata. However the function does not seem to work properly and returns #Value mistake. The function is run in Microsoft Office 2010.

Cant figure out why the mistake occurs. Any assistance is much appreciated

Function TRANS(defaultdata As Range, x As Range, numranges As Integer)

Dim bound, numdefaults, obs, defrate, N, j, defsum, obssum, i
ReDim bound(1 To numranges), numdefaults(1 To numranges)
ReDim obs(1 To numranges), defrate(1 To numranges)

N = x.Rows.Count

defsum = 0
obssum = 0

'Determining number of defaults, observations and default rates for ranges
For j = 1 To numranges
    
    bound(j) = Application.WorksheetFunction.Percentile(x, j / numranges)
    
    numdefaults(j) = Application.WorksheetFunction.SumIf(x, "<=" & bound(j), defaultdata) - defsum
    defsum = defsum + numdefaults(j)

    obs(j) = Application.WorksheetFunction.CountIf(x, "<=" & bound(j)) - obssum
    obssum = obssum + obs(j)
    
    defrate(j) = numdefaults(j) / obs(j)
Next j

'Assigning range default rates in logistic transformation
Dim transform
ReDim transform(1 To N, 1 To 1)

For i = 1 To N
    j = 1
    While x(i) - bound(j) > 0
        j = j + 1
    Wend
    transform(i, 1) = Application.WorksheetFunction.Max(defrate(j), 0.0000001)
    transform(i, 1) = Log(transform(i, 1) / (1 - transform(i, 1)))
Next i

TRANS = numdefaults

End Function

The Excel file