a$.$ In June, $2020,$ Fowler Industries factored $$880,000$ of its accounts receivable to Aegis Factors, Inc. in a transaction with recourse. Aegis charges a finance charge equal to $3\%$ of the accounts receivable balance factored and holds back an additional $4\%$ for potential adjustments. The fair value of the recourse liability is $$9,000.$

Required $(15$ pts$.)$

Prepare Fowler's journal entry to account for this transaction.

b$.$ On January $1,2020,$ Angellini sold a piece of land to Riley Inc. which Angellini had purchased several years before for total costs of $$532,000.$ In exchange for the land, Angellini agreed to accept a $2-$year, $$850,000,$ non$-$interest$-$bearing note.

Angellini's routinely borrows from its bank at a rate of $7\%.$ Riley has excellent credit and its incremental borrowing rate is $8\%.$

Required $(15$ pts$.)$

Record Angellini's entry required on January $1,2020$

Record Angellini's entry required on December $31,2020.$