uestion 3 Cook Corporation reports a current ratio of 2-t0-1 in its 2017 financial statements. The statement of financial position shows current assets of $2,554,000 $1,338,000. Accounts receivable are $750,400 of the current assets. and current liabilities of Cook Corporation is considering trans fring $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. S508,500 are expected from the transaction. Required 1) Prepare the journal entry to record the transfer as a sale/derecognition 2) Prepare the journal entry to record the transfer as a borrowing. General Journal Account Titles and Explanation Debit Credit Ref 3) Recalculate the current ratio reflecting first the sale/derecognition and then borrowing. Round your answers to two decimal places