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On March 31, Dower Publishing discounted a $39,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 8% on May 31. The bank's discount rate is 10%. How much cash will Dower receive from the bank on March 31? Maturity value Discount Cash proceeds Mountain High Ice Cream Company transferred $79,000 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 $6,900). Mountain High anticipates a $4,900 recourse obligation. The bank charges a 3% fee ( 3% of $79,000), 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.) View transaction list Journal entry worksheet