d prepare the journal entries to record een Ul na ngf Reccivables with Recourse) Chessman Corporation factors $600,000 of accounts receivable hes on a with recourse basis. Liquidity Financing will collect the receivables. The receivable records are 2.5% of the amount of cover probable adjustme Instructions o Liquidity Financing on August 15, 2017, Liquidity Financing assesses a finance charge of quidit accounts receivable and also reserves an amount equal to 5.25% of accounts receivable to ents. Chessman prepares financial statements under ASPE a ing to ASPE, what conditions must be met for a transfer of receivables to be accounted for as a sale? (b) Assume the conditions from part(o) are met. Prepare the journal entry on August 15,2017, for Chessman to record (o) What effect will the factoring of receivables have on calculating the accounts receivable turnover for Chessman? (d) Assume that Chessman is a private enterprise and prepares financial statements under IFRS. What conditions must D L un Retmil I td, fallows ASPE. It transfers $355,000 the sale of receivables, assuming the recourse obligation has a fair Comment briefly be met for the transfer of receivables to be accounted for as a sale? value of S6,000 NCE