1. On May 1, Tyrion, Inc. factored $440,000 of accounts receivable with Lombardo Finance without recourse. Lombardo Finance assessed a finance charge of 12% of the total accounts receivable factored and retained an amount equal to 1% (i.e., there is a 1% holdback). Assume the transaction is a sale Read the requirements Requirement a. Prepare the journal entry required on Tyrion's books on May 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1 |(1) (2) (3) (4) |(5) Requirement b. Now assume Tyrion factors the $440,000 of accounts receivable with Lombardo Finance with recourse. The recourse provision has a fair value of $24,000. Prepare the journal entry required on Tyrion's books on May 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1 (8) (10) (11) 1: Requirements a. Prepare the journal entry required on Tyrion's books on May 1. b. Now assume Tyrion factors the $440,000 of accounts receivable with Lombardo Finance with recourse. The recourse provision has a fair value of $24,000. Prepare the journal entry required on Tyrion's books on May 1