Kingbird Inc. factors receivables with a carrying amount of $$247,900$ to Joffrey Company for $$172,700$ on a with recourse basis. The recourse provision has a fair value of $$1,640.$ This transaction should be recorded as a sale.

Prepare the appropriate journal entry to record this transaction on the books of Kingbird Inc. $($If no entry is required, select $"$No Entry the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit