Nicks Incorporated sells $2,450,000 of its accounts receivable to Fairfield Factors (FF). FF charges a fee equal to 7% of the receivables factored and holds back an additional 4% as security. FF will return the hold back to Nicks when the receivables are collected. Prepare the journal entry to record Nicks Incorporated's sale of accounts receivable to FF, assuming that the receivables are factored with recourse and can be reported as a sale. The estimated recourse liability is $75,500. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's record the sale of the accounts receivable. Account Current Year