On April 1, 20x1, Desert Corporation assigned $260,000 of accounts receivable as collateral for a loan. Desert agrees to remit customer collections to the lender as payments on the loan. The lender agreed to advance Desert 90% of the receivables assigned, less a 2% finance charge on the assigned receivables. In addition, the finance company charges 8% interest on the unpaid loan balance, payable at the end of each month. To record the April 1, journal entry for receipt of the loan, Desert would: O Debit Loss on Sale for 5,200 O Credit Accounts Receivable for 265,200 O Debit cash for 228,800 O Credit Note Payable for 260,000