1 Return to question Camden Biotechnology began operations in September 2024. The following selected transactions relate to liabilities of the company for September 2024 through March 2025 Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2024 a. On September 5. opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $15,000,000 at the bank's prime rate (10.5% at the time) The company will pay no commitment fees. b. On October 1. borrowed $12 million cash from Second Commercial Bank under the line of credit and issued a five-month promissory note. Interest at the prime rate of 10% was payable at maturity. Management planned to issue 10-year bonds in February to repay the note c. Received $2,600 of refundable deposits in December for reusable containers used to transport and store chemical-based products. d. For the September-December period, sales on account totaled $4,100,000. The state sales tax rate is 3% and the local sales tax rate is 3%. (This is a summary journal entry for the many individual sales transactions for the period.) e. Recorded the adjusting entry for accrued interest 2025 f. In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February issuance of $10 million of 10.vear bonds at face value alonn with other available rash Prev 1 of 2 Next > 4 points 1 2025 f. In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February issuance of $10 million of 10-year bonds at face value, along with other available cash g. The storage containers covered by refundable deposits are expected to be returned during the first nine months of the year. Half of the containers were returned in March 2025 Required: 1. Prepare the appropriate journal entries for items a-g 2. Prepare the current and long-term liability sections of the December 31, 2024, balance sheet. Trade accounts payable on that date were $252.000. Answer is not complete. Complete this question by entering your answers in the tabs below. General Journal 1 NO Transaction a No journal entry required 2 b Cash Notes payable 3 C Cash Liability-refundable deposits 4 d Accounts receivable Sales taxes payable Sales revenue 5 e Interest expense Interest payable F F4 Rande naushin Drey 1 of 2 Debil Credi 12,000,000 0 12,000,000 2,600 2,600 4,100,000 246,000 3,854,000 300,000 300,000 10 nnn nnn Next > Prepare the liability section of a classified balance sheet for Nevada Harvester at December 31, 2024. Accounts payable accruals are $22 million. Note: Enter your answers in millions (i.e., 5,000,000 should be entered as 5). NEVADA HARVESTER CORPORATION Current Liabilities Current portion of long-term debt: Total Current Liabilities Long-Term Debt Currently maturing debt classified as long-term Balance Sheet (partial) At December 31, 2024 (5 in millions) Current Liabilities Current portion of long-term debt: NEVADA HARVESTER CORPORATION Balance Sheet (partial) At December 31, 2024 (5 in millions) Total Current Liabilities Long-Term Debt Currently maturing debt classified as long-term: Total Long-term Liabilities Total Liabilities