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On June 1. Foster, Inc. factored $15,000 of accounts receivable with Alcorn Finance on a with recourse basis. Alcorn Finance assessed a finance charge of

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On June 1. Foster, Inc. factored $15,000 of accounts receivable with Alcorn Finance on a with recourse basis. Alcorn Finance assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 5% of the total receivables to cover sales discounts. The recourse provision has a fair value of $1,650. Prepare the journal entry required on Foster's books on June 1. Round all calculations to whole dollars (no cents)

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