Presented below is information related to Kingbird Corp. August 1 Kingbird Corp. sold to Oriole Co. merchandise having a sales price of $22,500 with terms 1//10, net/60. Kingbird records its sales and receivables net. 5 Accounts receivable of $59,300 (gross) are factored with Easy Credit Corp. with recourse at a financing charge of 5%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $29,500 (gross) are pledged to Second Credit Corp. as security for a loan of $19,000 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past