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Current Attempt in Progress Crane Incorporated factored \$141,100 of accounts receivable with Engram Factors Inc....

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Accounting

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Current Attempt in Progress Crane Incorporated factored \$141,100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% financecharge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Crane to record the sale, assuming that the recourse liability has a fair value of $8,060. If no entry is required, select "No Entry" for the occonst titles and enter o for the anounts. Gedit account titles are automatically indented when the amount is entered Do not indent manually. List all debit entries before credit entries.)

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