Sheffield Corp. assigns $4560000 of its accounts receivables as collateral for a $3.13 million loan with a bank. The bank assesses a 2% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction?

A. Debit Cash for $1875900, debit Interest Expense for $62600, debit Due from Bank for $1430000, and credit Accounts Receivable for $4560000. B. Debit Cash for $3067400, debit Interest Expense for $62600, and credit Accounts Receivable for $3130000. C. Debit Cash for $2848300, debit Interest Expense for $281700, and credit Notes Payable for $3130000. D. Debit Cash for $3067400, debit Interest Expense for $62600, and credit Notes Payable for $3130000.