Monty Financial Services has agreed to purchase $480,000 of Grouper Corporation's outstanding accounts receivable, with recourse. Grouper's controller estimates that the fair value of the uncollectible accounts is $76,800. Monty will charge Grouper 10% of the total receivables balance as a financing fee, and will withhold an initial amount of 20%. Calculate the net proceeds and the gain or loss on the disposal of receivables to Monty. Net proceeds on disposal of receivables s Prepare Grouper's journal entry to record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit