To obtain additional financing, Philly Inc assigned $5,000,000 of accounts receivable to the commercial credit company. Philly receives an advance from commercial of 70% of the assigned accounts receivable less a commision on the advance of 2%. Later Philly collects $300,000 on the assigned accounts receivable and remits $200,000 to commercial $50,000 of which represents interest on the advance from commercial. What effect did the above transaction have in Philly Incs income statement