Problem III (10 points) Estimated time to complete 10 minutes On March 1, 2018, the Santa Teresa Glass Company borrowed $600,000 from Finance Bank and signed a promissory note. Interest at 8% is payable monthly. The company assigned $800,000 of its receivable as collateral for the loan. Finance Bank charges a finance fee equal to 2.0% of the accounts receivable assigned. On March 31, 2018 Santa Teresa Glass Company collected $500,000. Required Prepare the general journal entry required on March 1, 2018 1. Prepare the entries at March 31, 2018 to reflect money collected and remitted to Finance Bank. 2