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13. Downs Corp, issued 12 million of Commercial paper on Maylon a ten month note. Interest was discounted at issuance at a discount rate of

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13. Downs Corp, issued 12 million of Commercial paper on Maylon a ten month note. Interest was discounted at issuance at a discount rate of 8%. Downs has a calendar year-end. Required: 1. Prepare the joumal entry for the issuance of the commercial paper, 2. Prepare required journal entries, if any, December 31, 3. Prepare the journal entry for the payment of the vote and interest expense at matunity

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