Prepare journal entries for Mars Co. for:(a) Accounts receivable in the amount of $500,000 were assigned to Utley Finance Co. by Marsas security for a loan of $425,000. Utley charged a 3% commission on the accounts; the interestrate on the note is 12%.(b) During the first month, Mars collected $200,000 on assigned accounts after deducting $450of discounts. Mars wrote off a $530 assigned account.(c) Mars paid to Utley the amount collected plus one month's interest on the note