A company transferred $$60,000$ of accounts receivable to a bank. The transfer was made without recourse. The bank remits $90\%$ of the factored amount to the company and retains $10\%.$ When the bank collects the receivables, it will remit to the company the retained amount $($which the company estimates has a fair value of $$5,000)$ less a $2\%$ fee $(2\%$ of the total factored amount$).$

Required:

Prepare the journal entry to record the transfer on the books of the company assuming that the sale criteria are met.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.