Current Attempt in Progress On April 1, 2020, Pronghorn Company assigns $529,000 of its accounts receivable to the Third National Bank as collateral for a $338,000 loan due July 1, 2020. The assignment agreement calls for Pronghorn to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Your answer is correct. Prepare the April 1, 2020, journal entry for Pronghorn Company. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 327420 Apr. 1 2020 Cash 10.580 Interest Expense (b) Prepare the journal entry for Pronghorn's collection of $362,700 of the accounts receivable during the period from April 1, 2020, through June 30, 2020. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation