o generate cash for the purchase of inventory, Real Canadian Merchandising Group decides to sell its receivables to Palisades Financing Company. Information pertaining to this financing arrangement follows: 8 marks Required: Amount withheld by Palisades Financing Company for returns and allowances 4% Finance fee charged by Palisades Financing Company as percentage of receivables 4% Dollar value of receivables sold to Palisades Financing Company Estimated uncollectible accounts receivable $ 333,275 $ 4,999 1. Assume that the receivables are sold on a without recourse basis. Prepare Real Canadian's journal entry to account for the sale of the receivables. (3 marks) 2. Assume that the receivables are sold on a without recourse basis. Prepare Palisades' journal entry to account for the purchase of the receivables. (2 marks) 3. Assume that the receivables are sold on a with recourse basis. Prepare Real Canadian's journal entry to account for the sale of the receivables. Assume that Real Canadian follows ASPE