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Maxwell Corporation factored, with recourse, $300,000 of accounts receivable with Huskie Financing. The finance charge is 4%, and 6% was retained to cover sales discounts,

Maxwell Corporation factored, with recourse, $300,000 of accounts receivable with Huskie Financing. The finance charge is 4%, and 6% was retained to cover sales discounts, sales returns, and sales allowances. Maxwell estimates the recourse obligation at $5,800.

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Prepare Maxwells journal entry to record this factoring of its accounts receivable.

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