On March $1,2021,$ Ivanhoe Pasta Company assigns $$1404800$ of its accounts receivable to Bank of China as collateral for a $$1003400$ note. Bank of China assesses a finance charge of $1$ percent of the accounts receivable and interest on the note of $13$ percent. Which of the following is correct regarding this transaction?

On March $1,2021,$ Bank of China will credit Interest Revenue for $$14048.$

On March $1,2021,$ Bank of China will credit Gain on Purchase of Receivables for $$34116.$

Bank of China has purchased Ivanhoe Pasta's receivables.

On March $1,2021,$ Bank of China will credit Due from Factor for $$20068.$