Please answer all parts of the question! please take your time

Lonergan Company occasionally uses its accounts recelvable to obtain umediate cash. At the end of June 2024, the company had accounts recelvable of $860,000. Lonergan needs approximately $540,000 to capita ize on a unique investment opportunity. On July 1, 2024, a local bank offers Lonergan the following two alternatives: a. Borrow $540,000, sign a promissory note, and assign the entire recelvable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of recelvables collected plus 12% interest on the unpaid balance of the note at the beginning of the perlod b. Transfer $590,000 of specific recelvables to the bank without recoutse. The bank will charge a 2% factoring fee on the amount of recelvables transferted. The bank wil collect the feceivables directly from customers. The sale criteria are met Required: 1. Prepore the joumal entres that would be recorded on July 1 for Q. alternative a b. alternative b 2. Assuming that 80% of all June 30 recelvables are collected duning July, prepare the necessary journal entries to record the collection and the remittance to the bank for: a. alternative a b. alternative b Journal entry worksheet Record the transfer $590,000 of specific receivables to the bank without recourse. The bank will charge a 2% factoring fee on the amount of receivables transferred. Note: Enter debits before credits. Journal entry worksheet Record the collection of receivables, assurning that 80% of all June 30 receivables are collected on July 31 . Note: Enter debits before credits. Journal entry worksheet Record the month-end remittance to the bank as the amount of receivables collected plus 12% interest on the unpaid balance of the note at the beginning of the period. Note: Enter debits before credits. Journal entry worksheet Record the collection of receivables, assuming that 80% of all June 30 receivables are collected on July 31 . The bank will collect the transferred receivables directly. Note: Enter debits before credits