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Bucket Head assigns $400,000 of the accounts and signs a note payable for $200,000. The lending institution charges 4% of the assigned accounts receivable for

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Bucket Head assigns $400,000 of the accounts and signs a note payable for $200,000. The lending institution charges 4% of the assigned accounts receivable for accepting the assignment and charged interest on the note at 10%. (Make the entry for the assignment only - not the payment of interest at the maturity)

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