on June 30th 2021 Blondie fixtures was considering alternatives to bolster its cash position. Option one called for transferring 350000 and accounts receivable to Dogwood Finance Company without recourse for a 5% fee. Option two calls for blondie to transfer the 350,000 in receivables to Dogwood with recourse dogwoods charges a 4% fee for receivables factored with recourse. option 2 meet the conditions to be considered a sale but Blondie estimates 2500 recourse liability. Under either option Dogwood will immediately remit 90% of the factored receivables to Blondie and retain 10%. When dog would collect the remaining receivables It remix the amount less the C2 Blondie. blondie estimates that the fair value of the final 10% of the receivables is 22500 ignoring the factoring fee. required prepare any necessary journal entry or entries if receivables are factored under option 1. Requirement number 2 prepare any necessary journal entries or in trees if receivables are factored under option 2.