On June 30, 2021, Blondie Fixtures was considering aliernatives to bolater its cash position. Option One calls for Blondie to transfer the $320,000 in receivables to Dogwood with recourse, Dogwood's charges a 4% fee for receivables factored with recourse. Option One meets the conditions to be considered a sale, but Blondie estimates a \$2,200 recourse liability. Dogwood will immediately remi 90% of that factored receivables to Blondie, and retain 109b, When Dogwood collects the remaining receivabies, it remits the amount, less the fee, to Blondie. Blondie estimates that the fair value of the final 10% of the receivables ts $21,000 (ignoring the factoring fee). The journal entry to record the transfer includes: a Debit to Cash for $280,200 A Credit to Accounts Receivable for $322,200 A Credit to Recourse Liability for $2,200 A Debit to Recenvable fom factor for $10,400