Che Mountain High Ice Cream Company reports under IFRS, Mountain High transferred 578,000 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 has 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 associated 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 receivable. 1 Record the transfer of accounts receivable. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Prey 15 of 19 Next >