Presented below is information for Marin, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $155,000. 2. Net sales for the year were $1,450,000. $110,000 of the sales were cash sales. Marin does not offer cash discounts for early payment. 3. Collections on accounts receivable during the year were $1,292,000. Marin plans to factor accounts receivable totaling $60,000 at the end of the year. Marin will transfer the accounts to Herzog Factors, Inc. with recou balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $3,400. Your answer is correct. Prepare the journal entry to record the sale of the receivables. (Credit account titles are automatically indented when the amount is entered. Do not ind "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 55200 Due from Factor 1800 Loss on Sale of Receivables #2(Alt+ A) Recourse Liability 3400 Accounts Receivable 60000Compute Marin's accounts receivable turnover for the year under two scenarios. In the first scenario, assume the receivables are sold as described above. In the second scenario, assume Marin does not factor the receivables. (Round answers to 2 decimal places, e.g. 52.70.) Assuming Factoring Assuming No Factoring Accounts receivable turnover times times