March 1, 2012, Howat Mills, Inc. assigns $700,000 of its accounts receivable to Citizens Bank as collateral for a $500,000 note. Howat Mills continues to collect the accounts receivable; the account debtors are not notified of the arrangement. Citizens Bank assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 12 percent. Howat Mills makes monthly payments to the bank for all cash it collects on the receivables. Required: Record the following transactions for Howat Mills, Inc. a. Transfer of accounts receivable and issuance of note on March 1, 2012. b. Collection of $440,000 of accounts in March less cash discounts of $6,000. c. Remitted March collections plus accrued interest to the bank on April 1.