Generating Cash from Receivables Guide Company requires additional cash for its business. Guide has decided to use its accounts receivable to raise the additional cash as follows: 1. On June 30, 2016, Guide assigned $200,000 of accounts receivable to Cell Finance Company. Guide received an advance from Cell of 85% of the assigned accounts receivable, minus a commission on the advance of 3%. Prior to December 31, 2016, Guide collected $150 000 on the assigned accounts receivable and r emitted $16 000 to Cel 10 of which represented inter stor head ance from 1 2. On December 1 2016 Guide sold $300 000 of accounts receivable to Factoring Company and received 80% of the value of the factored recer ables. Factoring Company charged a 15% commission based on he gross amount of the factored receivables. The receivables were sold without recourse Required Prepare a schedule showing the expenses reported on the income statement for the year ended December 31, 2016, as a result of the preceding facts. Show all supporting computations COMPANY GUIDE Income Statement Effect For the Year Ended December 31, 2016 Expenses resulting from accounts receivable assigned (Schedule 1) Expenses resulting from accounts receivable sold Total expenses Schedule 1: Computation of Expenses for Accounts Receivable Assigned Assignment service charge expense (une 30, 2016) Interest expense Total expenses