1. Purple Company showed the following balances on December 31, 2020: Accounts receivable-unassigned Accounts receivable-assigned Allowance for doubtful accounts-January 1 Receivable from factor Note payable-bank P1,000,000 300,000 30,000 40,000 240,000 During the year 2020 Purple Company found itself in financial distress and decided to resort to receivable financing. On June 30, Purple Company factored P200,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On December 31, Purple Company assigned P300,000 of its accounts receivable to a bank under a nonnotification basis. The bank advanced 80% less a service fee of 5% of the account assigned. Purple Company signed a promissory note for the loan. On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible. REQUIRED: a. Entry to record the factoring. b. Entry to record the assignment. c. Entry to adjust the allowance for doubtful accounts on December 31.