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Ames Quartet Inc. factors receivables with a carrying amount of 245,350 to Joffrey Company for $167,120 on a with recourse basis. The recourse provision has

Ames Quartet Inc. factors receivables with a carrying amount of 245,350 to Joffrey Company for $167,120 on a with recourse basis. The recourse provision has a fair value of $1,720. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Ames Quartet Inc.

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