Answer in detail please.

Additional Problem 4 The controller for Sheffield Corporation has reached an agreement with Bramble Financing Ltd. to sell a large portion of Sheffield's past-due accounts receivable. Sheffield agrees to sell $2,021,000 of accounts receivable to Bramble without recourse. Sheffield's controller estimates that the fair value of Sheffield's liability to pay Bramble for uncollectible accounts is $177,000. Bramble will charge Sheffield 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 Bramble Financing Ltd. Net proceeds on sale of receivables $ Prepare the journal entry on the books of Sheffield Corporation to record the sale of receivables to Bramble 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 0 for the amounts.) Account Titles and Explanation Debit Credit