In 2020, Cheyenne Corp. required additional cash for its business. Management decided to use accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following transactions: 1. On July 1, 2020, Cheyenne assigned $550,000 of accounts receivable to Provincial Finance Corporation as security for a loan. Cheyenne received an advance from Provincial Finance of 90% of the assigned accounts receivable less a commission of 2% on the advance. Before December 31, 2020, Cheyenne collected $214,500 on the assigned accounts receivable, and remitted $238,000 to Provincial Finance. Of the latter amount, $23,500 was interest on the advance from Provincial Finance. 2. On December 1, 2020, Cheyenne sold $400,000 of accounts receivable to Culver Corp. for $365,000. The receivables were sold outright on a without recourse basis and Cheyenne has no continuing interest in the receivables. 3. On December 31, 2020, an advance of $113,000 was received from First Bank by pledging $162,000 of Cheyennes accounts receivable. Cheyennes first payment to First Bank is due on January 30, 2021. (a) Show the income statement effects of these transactions for the year ended December 31, 2020. Cheyenne Corp. INCOME STATEMENT EFFECT For the year ended December 31, 2020 Expenses resulting from accounts receivable assigned $ Loss resulting from accounts receivable sold Total expenses $