7. Marathon Financial Services has agreed to purchase Tulip Corporation's outstanding accounts 6 marks receivable, on a with recourse basis. Following are details regarding this arrangement: $ $ Amount of accounts receivable sold Fair value of the estimated uncollectible accounts Financing fee (as a percentage of accounts receivable balance) Amount withheld for sales returns and allowance (as a percentage of accounts receivable balance) 450,000 21,100 9% 18% Tulip and Marathon both follow ASPE. Required: a) Prepare Tulip's journal entry for the sale. b) Prepare Marathon's journal entry for the purchase of the receivables