Prepare the appropriate journal entry to record transaction

Reference no: EM132718196

Question - Kingbird Inc. factors receivables with a carrying amount of $233,500 to Joffrey Company for $178,600 on a with recourse basis.

The recourse provision has a fair value of $2,870. This transaction should be recorded as a sale.

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

Reference no: EM132718196

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