3 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline Industries, borrows $40.5 million cash on October 1, 2021, to provide working capital for anticipated expansion Precision signs a one-year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity Each firm has a December 31 year-end. of 3 Problem 8-2A Part 1 Required: 1. Prepare the journal entries on October 1, 2021, to record the issuance of the note. (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. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet > Record the acceptance of the note by Midwest Bank. Note: Enter debits before credits. General Journal Debit Credit October 01, 2021