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Concord Corporation assigns $442000 of its accounts receivables as collateral for a $3.06 million 6% What would be the journal entry to record this transaction

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Concord Corporation assigns $442000 of its accounts receivables as collateral for a $3.06 million 6% What would be the journal entry to record this transaction 3x finance charge on the loan amount and changes interest on the note at Debit Cash for $2968200, debit interest Expense for $91800, and credit Accounts Receivable for Debit Cash for $1792200, debit interest Expense for $91800, debit Due from Bank for $1300000, and credit Accounts R for $27041600, debit interest Expense for $275400, and credit Notes Payable for $3060000 Dobl o 1268200, debit interes se for $91000and credit Notes Pattor 060000

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