intermediate accounting

On December 31st, Taylor Tools factored receivables to Wentworth Factors, Inc. Wentworth charged Taylor a finance charge and retained a portion of the the factoring proceeds for probable adjustments. As part of the deal, Taylor Tools agreed to a recourse provision in order to get a better financing rate from Wentworth. Financial information about the transaction is as follows: Use this information to determine the amount of cash that Taylor will receive, the net proceeds the company expects to receive in tota from the deal, and the company's expected loss on the sale of these receivables, then record the journal entry for the factoring of thes