Sarasota Corp. factors $444,000 of accounts receivable with Ivanhoe Finance Corporation on a without recourse basis on July 1. 2020. The receivables records are transferred to Ivanhoe Finance, which will receive the collections. Ivanhoe Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sal discounts, returns, and allowances. The transaction is to be recorded as a sale. Prepare the journal entry on July 1,2020, for Sarasota Corp, to record the sale of receivables without recourse. (If nio entry is required, select "No Entry' for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Sarasota Corp. factors $444,000 of accounts receivable with lvanhoe Finance Corporation on a without recourse basis on July 1. 2020. The receivables records are transferred to Ivanhoe finance, which will receive the collections, Ivanhoe Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Your answer is partially correct. Prepare the journal entry on July 1,2020, for Sarasota Corp. to record the sale of receivables without recourse. (If no entry is required, select 'No Entry' for the account tities and enter O for the amounts. Credit account titles are outomatically indented when the amount is entered. Do not indent manually)