Now assume that on December $31,2023,$ Sunland enters into the following transactions related to the company's receivables:

Sunland sells the note receivable to Prairie Bank for $$60,000$ cash plus accrued interest. Given the creditworthiness of Sunland's customer, the bank accepts the note without recourse and assesses a finance charge of $3\mathrm{.}20\%.$ Prairie Bank will collect the note directly from the custom

Sunland factors some accounts receivable at the end of the year. Accounts totalling $$33,000$ are transferred to Splish Brothers, Inc, with recourse. Splish Brothers retains $5\%$ of the balances and assesses a finance charge of $3\%$ on the transfer. Splish Brothers will collect the receivables from Sunland's customers. The fair value of the recourse obligation is $$3,100.$

Prepare the journal entry to record the transfer of the note receivable to Prairie Bank. $($Round answers to $0$ decimal places, e$.$g$.8,971.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Account Titles and Explanation

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