On March 1, 2020, Wildhorse Pasta Company assigns $1404700 of its accounts receivable to Bank of China as collateral for a $1002200 note. Bank of China assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 1 percent. Which of the following is correct regarding this transaction? On March 1,2020, Wildhorse Pasta Company will debit Interest Expense for $14047. On March 1, 2020. Wildhorse Pasta Company will credit Due from Factor for $20044. Wildhorse Pasta Company has factored its receivables. On March 1, 2020, Wildhorse Pasta Company will debit Loss on Sale of Receivables for $34091