3 (1 point) On July 1, 2020, Ibrahim paid First National Bank the entire amount that was due on the loan. Prepare the journal entry for this transaction. Question 4 (1 point) Chessman Corporation factors $600,000 of accounts receivable with Liquidity Financing, Inc. on a with recourse basis. Liquidity Financing will collect the receivables. The receivable records are transferred to Liquidity Financing on August 15, 2020. Liquidity Financing assesses a finance charge of 2.5% of the amount of accounts receivable and also reserves an amount equal to 5.25% of accounts receivable to cover probable adjustments. Chessman prepares financial statements under ASPE. Assume conditions for this transfer of receivables to be accounted for as a sale are met. Prepare the journal entry on August 15, 2020, for Chessman to record the sale of receivables, assuming the recourse obligation has a fair value of $6.000