Marin Corp. factors $368,000 of accounts receivable with Headland Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Headland Finance, which will receive the collections. Headland Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.

Prepare the journal entry on July 1, 2020, for Marin Corp. to record the sale of receivables without recourse.