The following transactions occurred for Champion Incorporated during the month of May 2021: Date Transaction Description May 1 Champion Incorporated assigned $496,100 of its accounts receivable to PC Inc. as security for a loan in the amount of $375,000. PC Inc. charged 4% of the loan amount as a commission. The loan bears interest at a rate of 7%. May 29 Champion Incorporated collected $249,600 of the assigned accounts. May 30 Champion Incorporated wrote off a $3,900 assigned account as a bad debt. Champion Incorporated uses the allowance method to account for its receivables. May 31 Champion Incorporated paid PC Inc. the amount collected from customers on May 29, plus interest for the month of May on the loan. Required: Prepare journal entries for each of the above transactions for Champion Incorporated. 16:39