FULL SCREEN PRINTER VERSION BACK NE Your answer is partially correct. Try again. Sarasota Financial Services has agreed to purchase $540,000 of Bridgeport Corporation's outstanding accounts receivable, with recourse. Bridgeport's controller estimates that the fair value of the uncollectible accounts is $86,400. Sarasota will charge Bridgeport 10% of the total receivables balance as a financing fee, and will withhold an initial amount of 20%. Calculate the net proceeds and the gain or loss on the sale of receivables to Sarasota Net proceeds 378,000 Loss 54000 on sale of receivables Prepare Bridgeport's journal entry to record the sale. (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 Cash Debit Credit 378,000 Due from Factor 108,000 Loss on Sale of Receivables 54,000 Accounts Receivable 540,000