culver Corporation sold $736,000 of accounts receivable to Splish Brothers Inc. on a with recourse basis under ASPE, as the risks and rewards have been transferred to Splish Brothers. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Culver. Splish Brothers assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable.

Prepare the journal entry for Culver to record the sale, assuming the recourse obligation has a fair value of $9,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Accounts title and explanation Debit Credit