Frank Ritter, Inc. enters into an arrangement with Hisker Enterprises whereby Hisker will assume $100,000 of Ritter's receivables for a 6% fee. These receivables have a related allowance for credit losses of $3,500 Assume that the transaction was a factoring arrangement with recourse and included a holdback of $6,000. If the fair value of the recourse obligation is equal to the allowance of $3,500, which one of the following entries will Ritter make to record this transaction? Multiple Choice DR Cash $100,000 DR Allowance for credit losses 3,500 CR Accounts receivable $100,000 CR Recourse obligation 3,500 DR Cash $88,000 DR Loss on sale of receivables 6,000 DR Allowance for credit losses 3,500 DR Due from Hisker Enterprises 6,000 CR Accounts receivable $100,000 CR Recourse obligation 3,500 DR Cash $88,000 DR Loss on sale of receivables 12,000 CR Accounts receivable $100.000 DR Cash $88,000 DR LOSS on sale of receivables 12,000 CR Due to Hisker Enterprises $100,000