Crane Inc. factors receivables with a carrying amount of $231,700 to Joffrey Company for $171,500 on a with recourse basis. The recourse provision has a fair value of $3,000. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Crane Inc.

Given that,

Carrying amount = $231,700

Recourse basis = $171,500

Fair value of recourse provision = $3,000

Net proceeds:

= Cash received - Recourse liability

= $171,500 - $3,000

= $168,500

Loss on sale of receivables:

= Carrying value - Net proceeds

= $231,700 - $168,500

= $63,200

Therefore, the journal entry is as follows:

Cash A/c Dr. $171,500

Loss on sale of receivables A/c Dr. $63,200

       To recourse liability                                  $3,000

       To Accounts Receivable                          $231,700

(To record the loss on sale of receivables)

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer/// equals both average variable cost and average total cost at their respective minimums;