Sheffield Corp. factors $710,000 of accounts receivable with Sage Hill Inc, Incion a with recourse basis. Sage Hill Inc, will collect the receivables. The receivable records are transferred to Sage Hill Inc. on August 15,2020 . Sage Hill Inc. assesses a finance charge of 2.0% of the amount of accounts receivable and also reserves an amount equal to 5.05% of accounts receivable to cover probable adjustments. Sheffield prepares financial statements under ASPE. Assume the conditions for to be recorded as a sale are met. Prepare the journal entry on August 15,2020 , for 5 heffield to record the sale of receivables, assuming the recourse obligation has a fair value of $5,200. (Credit account tities are automatically indented when amount is entered. Do not indent manualiy. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.