Current Attempt in Progress Presented below is information related to Crane Corp August 1 a 5 Crane Corp. sold to Sharper Co.merchandise having a sales price of $22.900 with terms 1/10, net/001Crane records its sales and receivables net Accounts receivable of 556,100 Gross) are factored with Easy Credit Corp, with recourse at a financing charge of 5% Cash is received for the proceeds; collections are handled by the finance company (These accounts were all past the discount period Specific accounts receivable of $30,800 (pross) are pledged to Second Credit Corp, as security for a loan of $19.100 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. All the accounts receivable are past the discount period.) Sharper Co notifies Crane that it is bankrupt and will pay only 18% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable when the discount period passed) 9 Sep. 29 Prepare all necessary entries in general journal form for Crane Corp (if no entry is required, select "No Entry for the account titles and y entered inviant manually Read ournal Prepare all necessary entries in general journal form for Crane Corp. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record discount forfeited) (To record receipt) (To record discount forfeited) (To record notes payable) (To record discount forfeited) (To record allowance)