An agreement has been entered by Walgreen and Wells Fargo Bank, under which Walgreen transfers $240,000 of account receivables to Wells Fargo Bank without recourse. In return. Wells Fargo Bank retains 30% of the factored amount and remits 70% remaining balance to Walgreen. Upon collection of the receivables, the bank will remit to Walgreen the retained amount less a fee equal to 8% of the total amount factored. Walgreen estimates a fair value of its 25% interest in the receivables of $30,000 (excluding the 8% fee). Required: What is the effect of this transaction on the company's assets, liabilities, and income before income taxes