On May 1, 2020, Company A assigns $700,000 of its accounts receivable to Bank B as collateral for a $500,000 note. Bank B assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 12 percent. Which of the following is correct regarding this transaction? Select one: a. On May 1, 2020, Company A will debit Notes Payable for $500,000. e b. On May 1, 2020, Bank B will credit Cash for $493,000. c. On May 1, 2020, Company A will debit Interest Expense for $67,000. d. On May 1, 2020, Bank B will debit Interest Revenue for $7,000