Blue spruce enterprises Ltd sells a speciality part that is used in widescreen televisions and provides the ultimate in screen clarity. To promote sales of its product, Blue spruce launched a program with some of its smaller customers. In exchange for making Blue spruce their exclusive supplier, Blue spruce guarantees these customers to their creditors. In addition to charging for parts, Blue Spruce also charges a fee to customers who take the guarantee program. It bases the fee on the timeframe that the guarantee covers, which is typically three years. In the current fiscal year, the fees collected amounted to $27,990 for the three-year coverage period. Six months before Blue Spruce fiscal year end, one of its customers, Ayayai Corp, began to experience financial difficulties and missed two months of mortgage payments. Ayayais lender then called on Blue Spruce to make the mortgage payments. At its fiscal year end on December 31, 2023, Blue spruce had recorded a receivable of $13,995 related to the payments made by Blue Spruce on Ayayas behalf. Ayayais assets were pledged as collateral for the loans. However, the collateral involves rights to the development of new state-of the-art three dimensional television technology that is still unproven. Blue Spruce follows ASPE. Prepare all required journal entries and adjusting entries on Blue Spruces books to recognize the transactions and events described aboved. (Hint: Use the accounts service revenue, Loss on guarantee, and liability for guarantee)