please complete the first problem then find the correct loss on sale of receivables and show work. the answer is not 6,750 or 675000

Exercise 7-23 (Algo) Factoring of accounts receivable without recourse (LO7-8) Mountain High Ice Cream Company transferred $65,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. 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 $5,500) less a 3% fee (3% of the total factored amount) Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Event Debit Credit General Journal Cash Loss on sale of receivables Receivable from factor Accounts receivable 65,000 Exercise 7-24 (Algo) Factoring of accounts receivable with recourse (LO7-8) Mountain High Ice Cream Company transferred $75,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $6,500). Mountain High anticipates a $4,500 recourse obligation. The bank charges a 3% fee (3% of $75,000), and requires that amount to be paid at the start of the factoring arrangement. Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ring View transaction list View journal entry worksheet No Event Debit Credit 65.250 General Journal Cash Loss on sale of receivables Receivable from factor Recourse liability Accounts receivable 6,750 6.500 4.500 75,000