On June 30, 2016. the High Five Surfboard Company had outstanding accounts receivable of $650 000 On July 1, 2016, the company borrowed $500,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 9% is payable monthly. The company assigned specific receivables totaling $650,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.4% of the accounts receivable assigned. Prepare the journal entry to record the borrowing on the books of High Five Surfboard (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)