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Your answer is partially correct. Try again The controller for Bramble Corporation has reached an...

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Your answer is partially correct. Try again The controller for Bramble Corporation has reached an agreement with Sheffield Financing Ltd. to sell a large portion of Bramble's past-due accounts receivable. Bramble agrees to sell $2,145,000 of accounts receivable to Sheffield with recourse. Bramble's controller estimates that the fair value of Bramble's liability to pay Sheffield for uncollectible accounts is $176,000. Sheffield will charge Bramble 7% of the total receivables balance as a financing fee, and will withhold an initial amount of 8%. Calculate the net proceeds and the gain or loss on the sale of receivables to Sheffield Financing Ltd Net proceeds 823250 3261 on sale of receivables Prepare the journal entry on the books of Bramble Corporation to record the sale of receivables to Sheffield Financing Ltd. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Acceent Titles and Exploma Debit Credie 182 from Factor 21 Recourse Liability 176000 LEST OF ACCOUNTS

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