Exercise $7-24($Static$)$ Factoring of accounts receivable without recourse $[$LO$7-8]$

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

Required:

Prepare the journal entry to record the transfer on the books of Mountain High 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.