The controller for Pina Colada Corporation has reached an agreement with Flint Financing Ltd. to sell a large portion of Pina Colada's past-due accounts receivable. Pina Colada agrees to sell $1,930,000 of accounts receivable to Flint without recourse. Pina Colada's controller estimates that the fair value of Pina Colada's liability to pay Flint for uncollectible accounts is $174,000. Flint will charge Pina Colada 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. Calculate the net proceeds and the gain or loss on the disposal of receivables to Flint Financing Ltd. Net proceeds $ 1601600 Loss on disposal of receivables $ 140480 Prepare the journal entry on the books of Pina Colada Corporation to record the disposal of receivables to Flint Financing Ltd. (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 O for the amounts.) Account Titles and Explanation Debit Credit Cash 1601900 Due from Factor 187920 Loss on Disposal of Receivables 140480 Accounts Receivable 1.930,000