Presented below is information for Coronado Company. $1.$Beginning$-$of$-$the$-$year Accounts Receivable balance was $$24400.2.$ Net sales $($all on account$)$ for the year were $$104900.$ Coronado does not offer cash discounts. $3.$ Collections on accounts receivable during the year were $$86100.$ Coronado is planning to factor some accounts receivables at the end of the year. Accounts totaling $$12300$ will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain $7\%$ of the balance for probable adjustments and assesses a finance charge of $6\%.$ The fair value of the recourse obligation is $$1108.$ Prepare the journal entry to record the sales of the receivables.