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Carla Inc. factors receivables with a carrying amount of $207,000 to Joffrey Company for $177,400 on a with recourse basis. The recourse provision has a

Carla Inc. factors receivables with a carrying amount of $207,000 to Joffrey Company for $177,400 on a with recourse basis.

The recourse provision has a fair value of $2,750. This transaction should be recorded as a sale.

Prepare the appropriate journal entry to record this transaction on the books of Carla Inc.

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