Cheyenne Woodcrafters sells $246,900 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. Cheyenne estimates that the recourse liability has a fair value of $4,435 instead of $8,870 estimated earlier. Prepare the journal entry for Cheyenne to record the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit What are the effects of this change in the value of the recourse liability on Cheyenne's financial statements? Cheyenne's income will be Cheyenne's will be by $ by $