Buffalo Woodcrafters sells $228,300 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 6% and retains an amount equal to 5% of accounts receivable. Buffalo estimates that the recourse liability has a fair value of $4,670 instead of $9,340 estimated earlier. Prepare the journal entry for Buffalo to record the sale. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 203187 Due from Factor 11415 Loss on Sale of Receivables 18368 Accounts Receivable 228300 Recourse Liability 4670 What are the effects of this change in the value of the recourse liability on Buffalo's financial statements? Buffalo's income will be higher by $ Buffalo's liabilities # will be lower 4 by $ 4670