Current Attempt in Progress The controller for Pronghorn Corporation has reached an agreement with Culver Financing Ltd. to sell a large portion of Pronghorn's past-due accounts receivable. Pronghorn agrees to sell $1,940,000 of accounts receivable to Culver with recourse. Pronghorn's controller estimates that the fair value of Pronghorn's liability to pay Culver for uncollectible accounts is $176,000. Culver will charge Pronghorn 9% of the total receivables balance as a financing fee, and will withhold an initial amount of 10%. Calculate the net proceeds and the gain or loss on the disposal of receivables to Culver Financing Ltd. Net proceeds on disposal of receivables $ Prepare the journal entry on the books of Pronghorn Corporation to record the disposal of receivables to Culver 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 for the amounts.) Account Titles and Explanation Debit Credit