Old Reliant has offered to factor all of the company's receivables on a "without recourse" basis, Old Reliant will remit to Samson 90% of the factored amount, collect the receivables from Samson's customers, and retain the remaining 10% until all of the receivables have been collected. When Old Reliant collects all of the receivables, it will remit to Samson the retained amount, less a 4% fee ( 4% of the total factored amount). Required 1. Access the relevant authoritative literature on accounting for the transfer of financial assets using the FASB Accounting Codification. What conditions must be met for a transfer of receivables to be accounted for as a sale (or in accounting terms, "derecognized")? Find the specific eight-digit Codification citation (XXXXXXXX) that Samson would rely on in applying that accounting treatment? 2. Assuming that the conditions for treatment as a sales are met, prepare Samson's journal entry to record the factoring of $400,000 of receivables. Assume that the fair value of the last 10% of Samson's receivables is equal to $25,000 3. An agreement that both entitles and obligates the transferor, Samson, to repurchase or redeem transferred assets from the transferee, Old Reliant, maintains the transferor's effective control over those assets and the transfer is accounted for as a secured borrowing, not a sale, if and only if what conditions are met? Include the specific eightdigit Codification citation ( XXXXXXXX) )