Kathleen, age 56, works for mh, inc., in dallas, texas. kathleen contributes to a roth 401(k) and mh contributes to a traditional 401(k) on her behalf. kathleen has contributed $40,800 to her roth 401(k) over the past six years. the current balance in her roth 401(k) account is $68,000 and the balance in her traditional 401(k) is $52,000. kathleen needs cash because she is taking a month of vacation to travel the world. answer the following questions relating to distributions from kathleen’s retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. a. if kathleen receives a $17,500 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution?

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.