Check my work 10 Mountaln High Ice Cream Company reports under IFRS. Mountaln High transferred $60,000 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 recelvables, It will remit to Mountaln High the retalned amount (which Mountain estimates has a falr value of $5,000. Mountain High anticipates a $3,000 recourse obligation. The bank charges a 2% fee (2% of $60,000. and requlres that amount to be pald at the start of the factoring arrangement. Mountaln High has transferred control over the recelvables, but determines that it stll retalns substantially all risks and rewards assoclated with them. 0 olnts Required: Prepare the Journal entry to record the transfer on the books of Mountaln High, consldering whether the sale criterla under IFRS have been met. (If no entry is required for a transaction event, select "No Journal entry required" In the first account field.) Hint wew transaction st Journal entry worksheet Record the transfer of accounts receivable. Note: Enter debits before credits. Cash 52,800 Record entry Clear entry View general journal