moroco ltd factored 600,000 of accounts receivable with kenya finance corp on a without recourse basis. under the arrangement morocco eas to handle disputes concerning service and kenya finance was to make collections handlevthe sale discounts and absorb the credit losses . kenya finance assesed a finance charge of 5% of the total accounts receivables factored and retained an amount equal to 2% of the total receivables to cover sales discounts . both morocco and kenya follow Aspe. a) prepare the journal entry required on morocco's book on april 1. b) prepare the journal entry required on kenya finance's book on april 1st. c) instead assume morocco factors the 600,000 of accounts receivable with kenya Finance on a with recourse basis. The recourse provision has a fair value of 20,000 . prepare the journal entry required on morocco's book on april 1.