Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2024 , the company had accounts receivable of $1,020,000. Lonergan needs approximately $620,000 to capitalize on a unique investment opportunity. On July. 1, 2024, a local bank offers Lonergan the following two alternatives a. Borrow $620,000. sign a promissory note, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of recelvables collected plus 9% interest on the unpaid balance of the note at the beginning of the period b. Transfer $670.000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly fom customers. The sale criteria are met. Required: 1. Prepare the journal entries that would be recorded on July 1 for o. altemative a. b. alternative b. 2. Assuming that 80% of all June 30 receivaibles are collected cluring Juty, prepare the necessary joumal entries to record the collection and the remittance to the bank for a. alternative a b. ateinative b