Question 3 Cook Corporation reports a current ratio of 2-to-1 in its 2017 financial statements. The statement of financial position shows current assets of $2,554,000 and current liabilities of $1,338,000. Accounts receivable are $750,400 of the current assets. Cook Corporation is considering transferring $530,000 of the accounts receivable with a 90-day term to a financial institution. There are no bad debts associated with these accounts receivable. Proceeds of $508,500 are expected from the transaction. Required 1) Prepare the journal entry to record the transfer as a sale/derecognition and a borrowing. General Journal Account Titles and Explanation Date Debit Credit your answer to two decimal places