problem:

sporting goods regularly facotrs its accunts recievable with the finance company. on april 30, 2016, the company trnasferred $800,000 of accounts recievable to the fincance company. the transfer was made without recourse. palmer remits 90% of the factored amount ans retains 10%. when the finance company collects the recievables, it remits to datema the retained amount less a 4% fee (4% of the total factored amount) datema estimated the fair (present) value for the last 10% of it recievable using present value techniques. the number of periods is 3.02 years and the discount rate is 10%. round your answer to the nearest thousand.

1. prepare journal entries for the sporting goods for the transfer of accounts receivable on April 30 assuming the sale criteria is met.

2. same facts above. however, the 4% facotr fee is dedcuted from thr cash paid to datema. prepare the journal entries for the sporting goods for the transfer of accounts receivable on april 30 with the 4% factor fee deducted from the cash paid to the sporting good company.

3. same facts above. however , the accounts receivables was tranferred with recourse. sporting goods company estimates that it will cost $20,000 three years from today to collect the accounts receivables not yet paid to palmer. what is the fair (present) value of the sporting goods company recourse liability assuming a discount rate of 10%? prepare the journal entries for the sporting good company assuming the transfer of receivable with recourse AND the 4% fee is deducted from the cash paid to the sporting good company