Q Question 5 of 10 View Policies Current Attempt in Progress Ayayai Corp. sold $700,000 of accounts receivable to Kingbird, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Kingbird. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Ayayai. Kingbird assesses a finance charge of 3% of the amount of accounts receivable and retains an amount ea 4% of accounts receivable. Prepare journal entries for both Ayayai and Kingbird. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Ayayai 19 Debit Credit SANDSIN