On October 1, 2016, Watergate Hotels borrowed $400,000 at 12% interest and pledged S500.000 in accounts receivables as collateral. Additionally, Watergate was charged a finance fee equal to 1% of the accounts receivable assigned. At the end of December, $300,000 of the assigned receivables were collected and remitted to the lender along with accrued interest Required: Prepare journal entries to record the borrowing, the assignment of receivables, the collection on the receivables. and the recognition of interest expense