Mountain High Ice Cream Company transferred $68,000 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 receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,800). Mountain High anticipates a $3.800 recourse obligation. The bank charges a 2% fee (2% of $68,000), and requires that amount to be paid at the start of the factoring arrangement Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct Credit Debit Goneral Journal Event No 59.840 5,1603 Cash Loss on sale of receivables Receivable from factor 6,800 3,800 68,000 Recourse liability Accounts recelvable