value: 10.00 points instructions | help Exercise 7-18 Factoring of accounts receivable without recourse [LO7-8] Mountain High Ice Cream Company transferred $67,000 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 $5,700) 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 particular event, select "No journal entry required" in the first account field.) view transaction list journal entry worksheet Event General Journal Debit Credit 1 Cash 60,300 Receivable from factor 3,690 Loss on sale of receivables 3,010 Accounts receivable 67,000 1 of 1