On October $1,2025,$ Wildhorse Inc. assigns $$2,240,000$ of its accounts receivable to Swifty National Bank as collateral for a $$1,740,000$ note. The bank assesses a finance charge of $2\%$ of the receivables assigned and interest on the note of $7\%.$

Prepare the October $1$ journal entries for both Wildhorse and Swifty. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$