Mountain High Ice Cream Company transferred $70, 000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Predential remits 90% of the factored amount of Mountain High and retain 10%. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6, 000) less a 2% met(2% 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