Exercise 7-24 (Algo) Factoring of accounts receivable with recourse (LO7-8) fed Mountain High Ice Cream Company transferred $65,000 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 $5,500) Mountain High anticipates a $3,500 recourse obligation. The bank charges a 3% fee (3% of $65,000), 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.) No Event Credit 1 1 General Journal Cash Receivable from factor Recourse liability Accounts receivable Debit 56,550 5,500 * * 3,500 65,000 Rede no response was expected set or a formule-based cution is incorrect no portreted