On June $30,2024,$ the High Five Surfboard Company had outstanding accounts receivable of $$600,000.$ On July $1,2024,$ the company borrowed $$450,000$ from the Equitable Finance Corporation and signed a promissory note. Interest at $10\%$ is payable monthly. The company assigned specific receivables totaling $$600,000$ as collateral for the loan. Equitable Finance charges a finance fee equal to $1\mathrm{.}8\%$ of the accounts receivable assigned.

Required:

Prepare the journal entry to record the borrowing on the books of High Five Surfboard.