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Prepare journal entries for both Blue and Larkspur

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Reference no: EM132840416

Problem - Blue Spruce Corp. sold $728,000 of accounts receivable to Larkspur, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Larkspur. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Blue. Larkspur assesses a finance charge of 4% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable. Prepare journal entries for both Blue and Larkspur.

Reference no: EM132840416

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