Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2.50% finance charge of the amount of accounts receivable and retains an amount equal to 8% of accounts receivable for possible adjustments. Prepare the journal entry for Wood to record the sale, assuming that the recourse liability has a fair value of $9, 330. Also, record the journal entry for Engram Factors, Inc. to record the purchase of the receivables Wood Inc.'s Journal Entry Engram Factor Inc.'s Journal Entry