Exercise 724 (Algo) Factoring of accounts receivable without recourse [LO7-8] Mountain High lce Cream Company transferred $80,000 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 recelvables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $7,000) less a 2% fee (2% of the total factored amount). Required: Prepare the joumal 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