Ayayai Enterprises sold $700,000 of accounts receivable to Kingbird Factors, Inc. on a with recourse basis under ASPE, as the risks and rewards have been transferred to Kingbird. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Ayayai. Kingbird Factors assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable. Prepare the journal entry for Ayayai