Mountain High lce Cream Company transferred $75,000 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 $6,500). Mountain High anticipates a $4,500 recourse obligation. The bank charges a 3% fee (3% of $75,000), and requires that amount to be paid at the start of the factoring arrangement. 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. Journal entry worksheet