Part B: Short-Answer Question (10 marks) Packwood, Inc. sells S250,000 of its accounts receivable to M&B Finance with recourse. &B charges a fee of 2% and withholds 8% of the face amount of the receivables to cover possible uncollectible accounts and sales returns. Packwood estimates the fair value of the recourse obligation is equal to the S13,500 allowance for uncollectibles associated with these accounts. Required: a. Prepare the journal entry Packwood, Inc. would make to record the factoring. (5 marks) b. Prepare Packwood's journal entry to record any subsequent cash received from M&B if M&B collects all the receivables except for $6,500 due to a sales return and $12,000 resulting from a bad debt