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1 8 points: ESTIMATED TIME 2 0 minutes Campbell Inc. sold $ 3 0 0 , 0 0 0 of accounts receivable to Silgane Finance
points: ESTIMATED TIME minutes
Campbell Inc. sold $ of accounts receivable to Silgane Finance on a with recourse basis. Silgane Finance assesses a finance charge on the amount of accounts receivable and retains an amount equal to of accounts receivable for possible adjustments. Prepare the journal entries for Campbell Incorporated and Silgane Finance to record the sale of the accounts receivable to Silgane, Finance assuming that the recourse liability has a fair value of $
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