On June 30, 2021, Fox Fixtures was considering alternatives to bolster its cash position. a) Option One called for transferring $470,000 in accounts receivable to Wolf Finance Company without recourse for a 4% fee. Option Two calls for Fox to transfer the $470,000 in receivables to Wolf with recourse. Wolf's charges a 3% fee for receivables factored with recourse. b) Option Two meets the conditions to be considered a sale, but Fox estimates a $3,700 recourse liability. Under either option, Wolf will immediately remit 90% of the factored receivables to Fox and retain 10%. When Wolf collects the remaining receivables, it remits the amount, less the fee, to Fox Fox estimates that the fair value of the final 10% of the receivables is $28,500 (ignoring the factoring fee). Required: 1. Prepare any necessary journal entry or entries if receivables are factored under Option One, 2. Prepare any necessary journal entry or entries if receivables are factored under Option Two