Presented below is information for Sunland Company.

1.		Beginning-of-the-year Accounts Receivable balance was $ 23,200.
2.		Net sales (all on account) for the year were $ 106,000. Sunland does not offer cash discounts.
3.		Collections on accounts receivable during the year were $ 91,000.

Sunland is planning to factor some accounts receivable at the end of the year. Accounts totaling $ 12,400 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $ 1,096.

Prepare the journal entry to record the sale of the receivables.

Compute Sunlands accounts receivable turnover for the year, assuming the receivables are sold.