Question 26 of 40 - /2.5 On December 1, 2017, Kingbird, Inc. assigns $1,600,000 of its accounts receivable to Bonita Bank as collateral for a $960,000 note. The bank assesses a finance charge of 1% of the receivables assigned and interest on the note of 4%. Prepare the December 1 journal entries for both Kingbird and Bonita. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Kingbird, Inc. December 1 Bonita Bank December 1