Part A: (12 marks,) On January 1, 2021 Charles Inc. sold machinery to a customer at a quoted price of $210,000. Charles Inc. received $84,000 cash and a three (3) year 2% interest bearing note for the balance. Interest is payable on December 31, 2021, the company's year end. The current market rate is 4%. The customer paid the note in full on its maturity date. Required: ========== Provide ALL of the entries related to the note receivable for the first two (2) years. Charles Inc. is a public company and they use the gross method to account for their note receivables. Be sure to show ALL of your calculations! Part B: (5 marks) Paulina Ltd. is considering transferring $650,000 of their accounts receivable to a financial institution on Oct. 24, 2021. The financial institution will charge a financing fee equal to 12% of the net receivables. A total of $19,500 of bad debts, already included in the current allowance for doubtful accounts, is associated with these accounts receivable. The financing company will have the right to sell the accounts receivable without the permission of Paulina Ltd. and the transfer is without recourse and on a notification basis. Required: The company has asked you to provide the entry to record the transfer of the accounts receivable should they decide to move forward