Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April $30,2024,$ the company transferred $$980,000$ of accounts receivable to Milpitas. The transfer was made without recourse. Milpitas remits $90\%$ of the factored amount and retains $10\%.$ When Milpitas collects the receivables, it remits to Samson the retained amount less a $4\%$ fee $(4\%$ of the total factored amount$).$ Samson estimates the fair value of the last $10\%$ of its receivables to be $$78,000.$

Required:

Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April $30,$ assuming the sale criteria are met.