Concord Inc. transferred $744,000 of its accounts receivable to City Collections on Sept 1, 2021, receiving 94% of the receivables balance as proceeds. The agreement specified that the receivables would become the property of City Collections, and City Collections could manage the receivables or resell them as it wished. In addition, the agreement specified that Concord would have no right to repurchase the receivables from City Collections, and included a recourse provision with an estimated value of $14,900. (a1) Does this transaction meet the requirements to be treated as a sale of receivables