Please only correct the red ones which are wrong.

Sandhill Co, follows ASPE. It manufactures sweatshirts for sale to athletic-v. available for Sandhill for the year ended December 31, 2022; During 2023, Sandhill had the following transactions: 1. Total sales were $495,000. Of the total sales amount, $240,000 was on a credit basis. 2. On June 30, a $45,000 account receivable of a major customer was settled, with Sandhill accepting a $45,000, one-year, 11% note, with the interest payable at maturity. 3. Sandhill collected $190.000 on accounts receivable during the year. 4. At December 31. 2023, Cash had a balance of $17,000, Inventory had a balance of $84,000, Accounts Payable was $79,000, and Acerued Liabilities was $16,000. Part 2 Now assume that on December 31, 2023, Sandhill enters into the following transactions related to the company's receivables: 1. Sandhill sells the note receivable to Pralrie Bank for $45,000 cash plus accrued interest. Given the creditworthiness of Sandhill's customer, the bank accepts the note without recourse and assesses a finance charge of 3.40%. Prairie Bank will collect the note directly from the customer. 2. Sandhill factors some accounts receivable at the end of the year. Accounts totalling $45,000 are transferred to Teal Mountain, Inc., with recourse. Teal Mountain retains 7% of the balances and assesses a finance charge of 3% on the transfer. Teal Mountain will collect the receivables from Sandhill's customers. The fair value of the recourse obligation is 54,800 Prepare the journal entry to record the transfer of the note receivable to Prairie Bank. (Round answers to 0 decimal places, eg. 8,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List all debit entries before credit entries) Prepare the journal entry to record the sale of receivables to Teal Mountain. (Credit occount titles are automaticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the omounts. List all debit entries before credit entries)