Question: I need urgent help!!!! Please help me solve this question...!!!! Could you please help with this question? It is urgent, Please!!!!!! Please DO NOT copy

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Could you please help with this question? It is urgent, Please!!!!!! Please DO NOT copy and paste from any other web page of Chegg solutions!!!!

DRB, Inc. enters into an arrangement with Genius Enterprises whereby Genius will purchase $100,000 of DRBs receivables charging a 6% fee. As part of the agreement, Genius will hold back 9% as additional security. The receivables are sold with recourse and the estimated recourse liability is $3,000.

REQUIRED: Show all supporting computations

a. Prepare the journal entry to record the agreement assuming that the agreement includes all provisions that comply with the requirements of FASB ASC 860.

b. Prepare the journal entry to record the agreement assuming that the agreement includes all provisions that comply with the requirements of FASB ASC 860 and receivables are sold without recourse.

c. Prepare the journal entry to record the agreement assuming that DRB, Inc. is required by Genius Enterprises to repurchase the receivables at a specified future date.

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