Question: Question 32 (2 points) Saved Artic Inc. is having a hard time collecting its outstanding Accounts Receivables from its customers. Artic Inc. decides to

Question 32 (2 points) Saved Artic Inc. is having a hard time collecting its outstanding Accounts Receivables from its customers. Artic Inc. decides to factor $700,000 of its Accounts Receivables to Collection Co. on 1/1/2023. Collection Co. assesses a finance charge of 5.85% of the factored Accounts Receivables, and retains an amount equal to 4.25% of the factored Accounts Receivables for probable adjustments. You may round your answers to the nearest dollar. If the factoring between Artic Inc. and Collection Co. is done without recourse what journal entry would Artic record in relation to the factoring on 1/1/2023?

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