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Saved He Mountain High Ice Cream Company transferred $68,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,800) Mountain High anticipates a $3,800 recourse obligation. The bank charges a 2% fee (2% of $68,000), and requires that amount to be paid at the start of the factoring arrangement Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction last Journal entry worksheet 1 Record the transfer of accounts receivable. Tote: Enter debits before credits Event General Journal Debit Credit Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $78,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse Prudential remits 95% of the factored amount to Mountain High and retains 5% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates hos a fair value of $6,800) Mountain High anticipates a $4.800 recourse obligation. The bank charges a 2% fee (2% of $78,000), and requires that amount to be paid at the start of the factoring arrangement Mountain High has transferred control over the receivables, but determines that it still retains substantially all risks and rewards assoclated with them Required: Prepare the Journal entry to record the transfer on the books of Mountain High, considering whether the sale criteria under IFRS have been met (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the transfer of accounts receiva celvable Toter Enter debit boor credits