Name/Time: A303 Homework Chapter7 Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with wreco rse 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 SS,000) less a 2% fee (2% of the total factored amount). Required: the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. Spiceland Rhe