On June 30, 2024, Biondie. Fixtures was considering alternatives to bolster its cash position. Option One called for transferring $470.000 in accounts receivable to Dogwood Finance Company without recourse for a 4% fee. Option Two calls for Blondle to transfer the $470,000 in recelvables to Dogwood with recourse. Dogwood's charges a 3% fee for recelvables factored with recourse. Option Two meets the conditions to be considered a sale, but Blondle estimates a $3,700 recourse llability. Under elther option, Dogwood will Immedlately remit 90% of the factored receivables to Blondie, and retain 10%. When Dogwood collects the remaining receivables, it remits the amount, less the fee, to Blondie. Blondie estimates that the fair value of the final 10% of the receivables is $28,500 (ignoring Required: 1. Prepare any necessary journal entry or entries if receivables are factored under Option One, 2. Prepare any necessary joumal entry or entries if recelvables are factored under Option Two. Complete this question by entering your answers in the tabs below. Prepare any necessary journal entry or entries if receivables are factored under option One. Note: If no entry is required for a transactiondevent, select "No fournal entry required" in the first account fieid: Journal entry worksheet Record the entry if receivables are factored under option one. Nothy Enter debits befork oredite