The following information was taken from the records of Roland Carlson Inc. for the year 2020: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale debt securities (net of tax) $15,000.

Extraordinary gain $95,000 Cash Dividend Declared 150,000Loss on discontinued operations 75,000 Retained Earnings January 1,2014 600,000Administrative expenses 240,000 Cost of Goods Sold 850,000Rent revenue 40,000 Selling expenses 300,000Extraordinary Loss 60,000 Sales Revenue 1,900,000Shares Outstanding during 2014 were 100,000.Prepare single -step income statement.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.