On February 1, 2020, Vaughn Manufacturing factored receivables with a carrying amount of $665000 to Ivanhoe Company. Ivanhoe Company assesses a finance charge of 2% of the receivables and retains 4% of the receivables. Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Vaughn Manufacturing for February. Assume that Vaughn factors the receivables on a with recourse basis. The recourse obligation has a fair value of $3500. The loss to be reported is

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold. mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)