Kabir Corp. sold $751,200 of accounts receivable to Prabh, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Prabh. The transaction meets the criteria for a sale, and no asset or liability components of the receivables are retained by Kabir. Prabh assesses a finance charge of 4% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable. Required:

(a) Prepare journal entries for both Kabir and Prabh.

(b) Prepare the journal entry for Kabir if the accounts receivable were sold on a with recourse basis under ASPE, assuming the recourse obligation has a fair value of $9,270.