Brief Exercise 7-15 Factoring of accounts receivable [LO7-8) Logitech Corporation transferred $105,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 2 % of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $11,500 (not including the 2 % fee). What is the effect of this transaction on the company's assets, liabilities, and income before income taxes? Assets Liabilities Income before income taxes