Urgent help please!!

Suved Help Save & Exit Proctoring Enabled: Tost 2 14 On June 30, 2021, Blondie Fixtures was considering alternatives to bolster its cash position. Option One called for transferring $440,000 in accounts receivable to Dogwood Finance Company without recourse for a 4% fee. Option Two calls for Blondie to transfor the $440,000 in receivables to Dogwood with recourse Dogwood's charges a 3% fee for receivables factored with recourse. Option Two meets the conditions to be considered a sale, but Blondie estimates a $3.400 recourse liability. Under either option Dogwood will immediately romit 90% of the factored receivables to Blondie, and retain 10% When Dogwood collects the remaining receivables, it remits the amount, less the fee, to Blondie. Blonde estimates that the fair value of the final 10% of the receivables is $27,000 ignoring the factoring fee) Required: 1. Prepare any necessary journal entry or entries if receivables are factored under Option One. 2. Prepare any necessary Journal entry or entries if receivables are factored under Option Two 4 points Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare any necessary journal entry or entries if receivables are factored under Option One. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction of Journal entry worksheet