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Prepare appropriate journal entry to record transaction

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Reference no: EM132619285

Question - Monty Inc. factors receivables with a carrying amount of $247,900 to Joffrey Company for $172,700 on a with recourse basis.

The recourse provision has a fair value of $1,640. This transaction should be recorded as a sale.

Required - Prepare the appropriate journal entry to record this transaction on the books of Monty Inc.

Reference no: EM132619285

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