During 2023, Sandhill had the following transactions: 1. Total sales were $495,000. Of the total sales amount, $240,000 was on a credit basis. 2. On June 30, a $45,000 account receivable of a major customer was settled, with Sandhill accepting a $45,000, one-year, 11% note, with the interest payable at maturity. 3. Sandhill collected $190.000 on accounts receivable during the year. 4. At December 31. 2023, Cash had a balance of $17,000, Inventory had a balance of $84,000, Accounts Payable was $79,000, and Acerued Liabilities was $16,000. Part 2 Now assume that on December 31, 2023, Sandhill enters into the following transactions related to the company's receivables: 1. Sandhill sells the note receivable to Pralrie Bank for $45,000 cash plus accrued interest. Given the creditworthiness of Sandhill's customer, the bank accepts the note without recourse and assesses a finance charge of 3.40%. Prairie Bank will collect the note directly from the customer. 2. Sandhill factors some accounts receivable at the end of the year. Accounts totalling $45,000 are transferred to Teal Mountain, Inc., with recourse. Teal Mountain retains 7% of the balances and assesses a finance charge of 3% on the transfer. Teal Mountain will collect the receivables from Sandhill's customers. The fair value of the recourse obligation is $4,800. Prepare the journal entry to record the transfer of the note receivable to Prairie Bank