help please

Lincraft Corp. reports a current ratio of 3-to-1 in its 202 financial statements. The statement of financial position shows current assets of $3,137,500 and current liabilities of $1,061,100. Lincraft has accounts recelvable of $1,295,300. The company transfers $998,000 of these accounts recelvable to a financlal institution. There are $35,000 of bad debts associated with these accounts recelvable, an amount that is already in the allowance for doubtful accounts. Proceeds of $897,150 are recelved from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financlal institution. The customers pay $944,800 to Lincraft on schedule, $35,000 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition, (if no entry is required for a transaction/event, select "No journal entry requiled" In the first account field.) b. The transfer is recorded as a borrowing (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) 2. Calculate the current ratio, after the initial entry for the transfer, recorded as a sale/derecognition and as a borrowing (Round your answers to 2 decimal places.) Lincratt Corp reports o current tatio of 3101 in its 202 finshcial sthtements. The statement of fnancial position shows current assets of $3,137,500 and current lisblitides of $1061500. Lincrat has accounts receivable of $1,295,300. The company transfers 5998 poo of these accounts receivable to a financial insttution. There are 535,000 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of 5897150 are recelved from the transfee The transfer is on a non-notification basis, Which means that the customers pay Uncrat and Uincraft then remit the cash to the financial institution. The customers pay $944.800 to Lincraft on schedule. $35,000 is written off to the allowance at the aporopriate time, and the cash remittance is forwarded to the financial inssitution. Required: t. Record al journal entries for the sequence of events assuming: a. The translet is recorded as a salelderecognition. (if no entry is required for a transsction/event, select "No journal entry required" in the first account field.) b. The transfer is recorded as a borrowing. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Calculate the current ratio, after the initial entry for the transfer, recorded as a sale/derecognition and as a borrowing. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct