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The controller for Sheffield Corporation has reached an agreement with BrambleFinancing Ltd. to sell a large portion of Sheffield's past-due accounts receivable. Sheffield agrees to sell $1,970,000 of accounts receivable to Bramble without recourse. Sheffield's controller estimates that the fair value of Sheffield's liability to pay Bramble for uncollectible accounts is $179,000. Bramble will charge Sheffield 9% of the total receivables balance as a financing fee, and will withhold an initial amount of 10%.
Problem 1: Calculate the net proceeds and the gain or loss on the disposal of receivables to Bramble Financing Ltd.
Problem 2: Prepare the journal entry on the books of Sheffield Corporation to record the disposal of receivables to Bramble Financing Ltd. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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