GREEN extends generous payment terms to its many customers. As a result, the company has accumulated a substantial portfolio of accounts receivables. To improve cash ow, the company decided to sell some of its receivables to a factor. On June 30 2020, GREEN factored $500,000 of its account receivables. GREEN had previously checked the creditworthiness of its customers and is, therefore, confident that only a few accounts will be uncollectible. Therefore, the company chose to factor these receivables with recourse. GREEN estimates that the recourse obligation has a fair value of $8,000. In exchange for these receivables, the factor paid GREEN $0.96 on each dollar of receivables on the date of transfer. In addition, the factor held $$5,000 for potential return refunds. GREEN will continue to manage the customer accounts, including their collection. GREEN estimates this obligation has a liability value of $2,500. (a) GREEN follows ASPE. Prepare the joumal entry to record the factoring of the receivables on June 30. (b) GREEN follows IFRS. Prepare the journal entry to record the factoring of the receivables on June 30. Please type your answers in the box below