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Prepare the appropriate journal entry to record transaction

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Reference no: EM132558246

Question - Headland Inc. factors receivables with a carrying amount of $242,700 to Joffrey Company for $178,900 on a with recourse basis.

The recourse provision has a fair value of $3,390. This transaction should be recorded as a sale.

Prepare the appropriate journal entry to record this transaction on the books of Headland Inc.

Reference no: EM132558246

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