The controller for Novak Corporation has reached an agreement with Flounder Financing Ltd. to sell a large portion of Novaks pastdue accounts recelvable. Novak agrees to sell $1,920,000 of accounts recelvable to Flounder without recourse. Novak's controller estimates that the fair value of uncollectible accounts is $173,000. Flounder will charge Novak 7% of the total receivables balance as a financing fee, and will withhold an initial amount of 8%. The transaction is treated as a sale. (a) Calculate the net proceeds and the gain or loss on the disposal of recelvables to Flounder Financing Ltd. Net proceeds on disposal of receivables $ eTextbook and Media List of Accounts: Prepare the journal entry on the books of Novak Corporation to record the sale of receivables to Flounder Financing Ltd. (Credit occount titles are outomaticolly indented when the amount is entered Do not indent montially. If no entry is requined, select "No Entry" for the account titles and enter D for the amounts. Ust all debit entries before credit entriec)