Your answer is partially correct. Try again. In 2020, Sarasota Corp. required additional cash for its business. Management decided to use accounts receivable to raise the addidional cash and has asked you to determine th income statement effects of the following transactions: On July 1, 2020, Sarasota assigned $630,000 of accounts receivable to Provincial Finance Corporation as security for a loan. Sarasota received an advance from Provincial 1. Finance of 90% of the assigned accounts receivable less a commission of 3 % on the advance. Before December 31, 2020, Sarasota collected $209,000 on the assigned accounts receivable, and remitted $234,000 to Provincial Finance. Of the latter amount, $25,000 was interest on the advance from Provincial Finance. 2. On December 1, 2020, Sarasota sold $345,000 of accounts receivable to Marigold Corp. for $323,000. The receivables were sold outright on a without recourse basis and Sarasota has no continuing interest in the receivables. On December 31, 2020, an advance of $113,000 was received from First Bank by pledging $154,000 of Sarasota's accounts receivable. Sarasota's first payment to First Bank due on January 30, 2021. 3. (a) Show the income statement effects of these transactions for the year ended December 31, 2020. Sarasota Corp INCOME STATEMENT EFFECT For the year ended December 31, 2020 Expenses resulting from accounts receivable assigned 5670 Loss resulting from accounts receivable sold 22000 27670 Total expenses