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Flounder Corp. sold $794,000 of accounts receivable to Shamrock, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Shamrock. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Flounder. Shamrock assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable.
Problem 1: Prepare journal entries for both Flounder and Shamrock
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