$2.$ On May $14,2024,$ Gilbert Enterprises Inc. factored receivables with Sullivan Company. The receivables are factored on a with recourse basis. The following information pertains to the arrangement: $6$ marks Carrying value of the receivables factored Gilbert Enterprises Inc. and Sullivan Company both follow ASPE. Required: $1.$ Prepare the journal entry required by Gilbert Enterprises Inc. to account for the factoring arrangement $(4$ marks$).2.$ Prepare the journal entry required by Sullivan Company to account for the factoring arrangement $(2$ marks$).$