View Policles Current Attempt in Progress On March 1, 2017. Beijing Pasta Company assigns $1.400,000 of its accounts receivable to Bank of China as collateral for a $1.000.000 note. Bank of China assesses a finance charge of 1 percent of the accounts receivable and interest on the note of 12 percent Which of the following is correct regarding this transaction? On March 1, 2017, Bank of China will credit Due from Factor for $20.000, On March 1, 2017. Bank of China will credit Gain on Purchase of Receivables for $34,000. On March 1, 2017. Bank of China will credit Interest Revenue for $14.000. O Bank of China has purchased Beijing Pasta's receivables. Saver Current Attemptin Progress On January 2, 2020, Bonita Co. issued a 4-year $120,000 note at 6% fixed interest, interest payable semiannually. Bonita now wants to change the note to a variable-rate note. As a result on January 2, 2020. Bonita Co.enters into an interest rate swap where it agrees to receive 6% fixed and pay LIBOR of 5.80% for the first 6 months on $120,000. At each 6-month period, the variable rate will be reset. The variable rate is reset to 6.70% on June 30, 2020 (a) Compute the net interest expense to be reported for this note and related swap transaction as of June 30, 2020 Net interest expense June 30, 2020 $ 3480 (b) Compute the net interest expense to be reported for this note and related swap transaction as of December 31, 2020. Net interest expense December 31, 2020 7500 Save for Later Last saved 1 hour ago Attempts: 0 of 1 used Submit Answer Saved work will be auto-submitted on the due date