On january 1, 2019, plant assets, net are $200,000. on december 31, 2019, plant assets, net are $250,000. depreciation expense for the year is $20,000. during the year, plant assets were acquired for $155,000 with cash. there is a gain on sale of plant asset of $8000. what is the book value of the plant asset sold during the year?

a. $105,000
b. $77,000
c. $85,000
d. $0

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.