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On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $20.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $20.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the adjustment for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $20.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the receipt of cash at maturity. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2019 Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.11 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.91 to $1.11 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.11 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.11 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet 1 2 3 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
