On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of $10,000 and a maturity value (principal plus interest) of $10,400. The discount is calculated to be $360, and the accrued interest income is $100. The recourse liability is estimated to be $2,000. Required: Prepare the journal entry of Phillips to record the sale of the note receivable.