P 7-S Factoring of accounts receivable; without recourse (2 Points) Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 3o, 2018, the company transferred $8o0,ooo of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $60,000. Required: Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April 30, assuming the sale criteria are met