On May 1, 2020, NoCash Ltd. factored $200,000 of accounts receivable with Finance Corp. on a without recourse basis. Under the arrangement, NoCash was to handle disputes concerning service, and Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 3% of the total receivables to cover sales discounts. NoCash uses IFRS. Required: a) Prepare the journal entry required on NoCash's books on May 1 assuming that the risks and rewards of the A/R accounts are deemed to have been transferred. b) Prepare the journal entry required on NoCash's books on May 1 assuming that the arrangement is WITH recourse, and the risks and rewards of the A/R accounts are deemed NOT to have been transferred