1.The following information is related to X company during 2019

a)Costumer accounts in the amount of $340000 are specifically assigned to Reasonable finance company as security for a loan of $260000 that is made. The finance charge assessed by Reasonable is 5% of the amount borrowed.

b)X company collected $110000 on assigned accounts.

c)X company forwarded the amount collected plus a $2000 check for interest on the loan.

Prepare the journal entries that would be made by X company to reflect the above reflection.

Assume that above transactions reflect all activity relating to the assigned receivables and all amounts are material. What supplementary information would be disclosed in X companies footnotes as of the end of the 2019