Samson Wholesale Beverage Company regularly factors its with the Milpitas Finance Company. On April 30, 2021, the company transferred $800,000 of to Milpitas. The transfer was made without recourse. Milpitas remits 90% of the factored amount and retains 10%. When Milpitas collects the receivables, it remits to Samson the retained amount less a 4% fee (4% of the total factored amount). Samson estimates the fair value of the last 10% of its receivables to be $60,000.
Required: Prepare the journal entry for Samson Wholesale Beverage for the transfer of on April 30, assuming the sale criteria are met.
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