P7-8 Factoring of accounts receivable; without recourse L07-8 Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas pany. On April 30, 2021, the company transferred $800,000 of accounts receivable to Milpitas. The made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitasse receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount) s estimates the fair value of the last 10% of its receivables to be $60,000. Initas Finance Com- Initas. The transfer was Milpitas collects the nount). Samson Required: Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April 20 assuming the sale criteria are met