Recording a secured borrowing

On April $1,$ NYC Corporation secures a loan from a finance company, using its accounts receivable of $$70,000$ as collateral for the loan. NYC Corporation agrees to remit customer collections as

payments on the loan. Loan proceeds are $80\%$ of the receivables less a $2\%$ finance charge on the balance of the assigned receivables. In addition, the finance company charges $10\%$ interest on

the unpaid loan balance, payable at the end of each month. Record the April $1$ entry for NYC Corporation.