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Crane Company follows ASPE. It transfers $350,100 of its accounts receivable to an independent trust in a securitization transaction on July 11, 2017, receiving 96% of the receivables balance as proceeds. Crane will continue to manage the customer accounts, including their collection. Crane estimates this obligation has a liability value of $12,300 (use Servicing Liabilities account). In addition, the agreement includes a recourse provision with an estimated value of $9,300. The transaction is to be recorded as a sale.

Prepare the journal entry on July 11, 2017, for Crane Company to record the securitization of the receivables.