lonergan company occasionally uses its accounts receivable to obtain immediate cash. at the end of june 2024, the company had accounts receivable of $780,000. lonergan needs approximately $500,000 to capitalize on a unique investment opportunity. on july 1, 2024, a local bank offers lonergan the following two alternatives: borrow $500,000, sign a promissory note, and assign the entire receivable balance as collateral. at the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 12% interest on the unpaid balance of the note at the beginning of the period. transfer $550,000 of specific receivables to the bank without recourse. the bank will charge a 2% factoring fee on the amount of receivables transferred. the bank will collect the receivables directly from customers. the sale criteria are met. required: prepare the journal entries that would be recorded on july 1 for: alternative a. alternative b. assuming that 80% of all june 30 receivables are collected during july, prepare the necessary journal entries to record the collection and the remittance to the bank for: alternative a. alternative b.