this problem and put some explanation

Problem 7-11 (AICPA Adapted) Zeus Company factored P6,000,000 of accounts receivable to a finance entity at the beginning of current year. Control was surrendered by Zeus Company. The factor accepted the accounts receivable subject to recourse for nonpayment. The fair value of the recourse obligation is P100,000. The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days. Required: 1. Prepare the jopurnal entry to record the factoring. 2. Prepare the journal entry if the accounts receivable factored are not collected by the factor