On October 1, 2021, COVID borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivables as collateral. Additionally, COVID 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: (Show your Working. You have the option to upload your answer/working for this question via the provided link/ button) Prepare journal entries to record (A) the borrowing, the assignment of receivables, (B) the collection on the receivables, and (C) the recognition of interest expense