On June 30, 2011, Blondie Fixtures was considering alternatives to bolster its cash position. Option One called for transferring $400,000 in accounts receivable to Dogwood Finance Company without recourse for a 524 fee. Option Two calls for Blondie to transfer the $400,000 in receivables to Dogwood with recourse. Dogwood's charges a 4% fee for receivables factored with recourse. Option Two meets the conditions to be considered a sale, but Blondie estimates a $3,000 recourse liability. Under either" option, Dogwood will immediately remit 90% of the factored receivables to Blondie, and retain 10% When Dogwood collects the remaining receivables, it remits the amount, less the fee noted above, to Blondie, Blondie estimates that the fair value of the final 10% of the receivables is $25,000 (ignoring the factoring fee). Required: Prepare any necessary journal entry if the accounts receivable are factored under Option One, without recourse: Prepare any necessary journal entry if the accounts receivable are under Option Two, with recourse