What journal entry would LLW record if they took this offer?

Lois Lane Wholesale, Inc. (LLW) recently hired you as an accounting intern. LLW is located at: 344 Yasoda Street, Metropolis, Illinois 62960. LLW is a local wholesale company that sells and distributes a large variety of products to customers worldwide with multiple distribution centers throughout the United States. The President of the company is Clark Kent. Mr. Kent contacted you prior to you coming to Metropolis and told you about an opportunity LLW has and asked you to do some research given the following information. Metropolis Financial Corporation (MFC) contacted LLW about factoring LLW's receivables. MFC presented a proposal to factor all LLW's receivables on a "without recourse" basis. MFC will remit to LLW 85% of the factored amount, collect the receivables from LLW customers, and retain the remaining 15% until all the receivables are collected. Once all receivables are collected, which may not be the full amount (due to some customers not paying), MFC will remit to LLW the retained amount, less a 5% fee based on the total amount of the receivables factored. LLW is considering the proposal but is not familiar with the current accounting guidance regarding factoring and specifically regarding the derecognition or sale of financial assets, as well as with recourse versus without recourse. If LLW decides to enter into the agreement, management would like the arrangement to be structured in a way as to allow the factoring to be accounted for as a sale. The company currently has approximately $4,000,000 of receivables. Mr. Kent also presumes that the fair value of the last 15% of the receivables ($600,000) is equal to $425,000