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12. On June 30,2016 , Blondie Fixtures was considering alternatives to bolster its cash position. Option One: Calls for transferring $500,000 in accounts receivable to Dogwood Finance Company without recourse for a 5% fee. Option Two: Calls for Blondie to transfer $500,000 in accounts receivable to Dogwood with recourse. Dogwood's charges a 4% fee for receivables factored with recourse. This meets the conditions to be considered a sale, but Blondie estimates a $3,000 recourse liability. Under either option, Dogwood will immediately remit 90% of the factored receivables to Blondie, and retain 10\%. When Dogwood collects the remaining receivables, it remits the amount, less the fee, to Blondie. Blondie estimates that the fair value of the final 10% of the receivables is $42,000 (ignoring the factoring fee). Required: a. Prepare any necessary journal entry or entries if receivables are factored under Option One. b. Prepare any necessary journal entry or entries if receivables are factored under Option Two