Pursue Company provided the following information in connection with a bank loan.

March 1 Pursue Company borrowed $2,000,000 from a bank on a six-month note carrying an interest of 12% per annum. Accounts of $3,000,000 are pledged to secure the loan.

April 1 Pledged accounts of $1,000,000 are collected minus 2% discount.

June 1 The remaining pledged accounts are collected.

Sept. 1 The bank loan is repaid plus interest.

Required:

Prepare the journal entries to record the transactions