Martinez Inc. transferred $725,000 of its accounts receivable to Independent Trust on Nov 1, 2023, receiving 95% of the receivables balance as proceeds. The agreement specified that the receivables would become the property of Independent Trust, and Independent could manage the receivables or resell them as it wished. In addition, the agreement specified that Martinez would have no right to repurchase the receivables from Independent, and included a recourse provision with an estimated value of \$16,200