On 7/1/20 XYZ Merchandising assigns $500,000 of receivables as collateral for a $400,000 loan.The bank that provides the loan assesses a finance charge of 1.5% of the assigned receivables.The note has an annual interest rate of 9%.What effect (if any) does borrowing the money on 7/1/20 have on the assets, liabilities, and equity of XYZ Merchandising (do not provide the journal entry in your answer)?