B. On 1 May, Areyoung Berhad factored RM400,000 of accounts receivable with Cepat Bank on a without recourse basis. Under the arrangement, Areyoung Berhad was to handle disputes concerning service, and Cepat Bank was to make the collections, handle the sales discounts, and absorb the credit losses. Cepat Bank assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Required: a) Prepare the journal entry required on Areyoung Berhad's books on 1 May. (6 marks) b) Prepare the journal entry required on Cepat Bank's books on 1 May. (4 marks) c) Assume Areyoung Berhad factors the RM400,000 of accounts receivable with Cepat Bank on a with recourse basis instead. The recourse provision has a fair value of RM14,000. Prepare the journal entry required on Areyoung Berhad's books on 1 May