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Current Attempt in Progress Ivanhoe Incorporated sold $350,000 of accounts receivable to Sarasota Factors Inc, on a with recourse basis, Sarasota assesses a 2% finance charge of the balance of accounts receivable and retains an amount equal to 6% of accounts receivable for possible adjustments. Prepare the journal entries for Ivanhoe Incorporated and Sarasota Factors to record the sale of the accounts receivable to Sarasota, assuming that the recourse liability has a fair value of $17,500. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Ivanhoe Incorporated Sarasota Factors Inc. Save for Later Attempts: 0 of 1 used Submit