Question 4 Urban Boating Ltd both sells and leases luxury yachts. Due to sales that have temporarily slowed with the economy, the company factored a significant portion of its lease receivables. The company factored with recourse receivables with a carrying amount of $20 million in exchange for $19.4 million less a holdback of $700,000 for potential uncollectible accounts. Due to poor economic conditions, the actual uncollectible accounts amounted to $1,000,000 Instructions: Prepare all the journal entries on Urban's books relating to the $20 million of accounts receivable. Show all calculations for full marks. Account Titles (or Cash 124