Mountain high ice cream company transferred $74,000 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 $6,400) less a 2% fee (2% 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.)