Mountain High Ice Cream Company transferred $$61,000$ 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 $$5,100)$ less a $3\%$ fee $(3\%$ 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.