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Mountain High Ice Cream Company transferred $75,000 of accounts receivable to the Prudential Bank. The...

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Accounting

Mountain High Ice Cream Company transferred $75,000 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 $6,500) less a 3% fee (3% of the total factored amount)

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