LA Comet Inc. factored S480,000 of their A/R to Cupid inc. on a without recourse basis. The A/R are transferred to Cupid Inc. who takes over full responsibility for their collection. Cupid Inc, charges Comet Inc. a finance charge of 3% of the total dollar value of the A/R and withholds 5% of the A/R value. Required (8 marks): 1) prepare the journal entries for this transaction that will be recorded in Comet Inc's books and records, 2) Prepare the journal entries for this transaction that will be recorded in Cupid Inc.'s books and records. Type your answer and submit