On June 30, 2017, Blondie Fixtures was considering alternatives to bolster its cash position. Option One calls for Blondie to sell $400,000 in receivables to Dogwood with recourse for $380,000. Option One meets the conditions to be considered a sale, but Blondie estimates a $3,000 recourse liability, Dogwood will retain 10% of the purchase price as protection against sales returns and allowances. Prepare the necessary journal entry for Blondie assuming receivables are sold/factored under Option One