Question: On October 1 , 2 0 2 0 , Headland, Inc. assigns $ 1 , 2 4 2 , 4 0 0 of its accounts

On October 1,2020, Headland, Inc. assigns $1,242,400 of its accounts receivable to Sage National Bank as collateral for a
$722,600 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 10%.
Prepare the October 1 journal entries for both Headland and Sage
On October 1 , 2 0 2 0 , Headland, Inc. assigns $

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