On June 30 2021 , the High Five Surfboard Company had outstanding accounts receivable of $740,000. On July 1.2021, the company borrowed $590,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 12% is payable monthly. The company assigned specific receivables totaling $740,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 16% of the accounts receivable assigned Required: Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If no entry is required for o transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet