Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L\&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's receivable on October 1, 2021. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12\% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 . 2021 , the adjusting entry at December 31 , and payment of the note at maturity. (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022 . (If no entry is required for a transaction/event, select "No jonal entry required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet 1 Record the maturity of the note for Blanten Plastics. Nokel Enter dehits before credits. Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1,2021 , to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L\&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's receivable on October 1 , 2021. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 , 2021, the adjusting entry at December 31 , and payment of the note at maturity. (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollarmi.) Journal entry worksheet (1) Pecord the maturity of the note for LST Eank, Nole: Enter antits hefore aroais. Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L\&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's recelvable on O 2021. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate, (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 , 2021 , the adjusting entry at December 31 , and payment of the note at maturity. (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 , 2021, the adjusting entry at December 31 , and payment of the note at maturity. (II no entry is required for a transaction/event, select. "No journal entry required" in the first account fieid. Enter your answers in whole dollars.) Journal entry worksheet Shawy leasia 4 Record the issuance of note. Note timter debits befere credis. Interest on the note waspayton issued a fout-month, 12% promissory note to L8T Bank on October 1, 2021, to provide working capital Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's receivable on October 1 . 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1. Complete this question by entering your answers in the tabs below. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (b) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Piostics on October 1. 2021, the adjusting entry at December 31 , and payment of the note at maturity. (If no entry is required for a transactionvevent, solect, No journat entry required in the first account field. Enter your answers in whole dollars:) Journal entry worksheet Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital Required: 1. Prepare the journal entries to record (a) the issuance of the note by Bianton Plastics and (b) L\&T Bank's recelvable on October 1. 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 . Complete this question by entering your answers in the tabs below. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1. 2021 , the adjusting entry at December 31 , and payment of the note of maturity. (if no entry is required for a transaction/event, select "Nournal entry required" in the first account fleld. Enter your answers in whole dollars.) Journal entry worksheet \&ecord the interest expense at maturity. Notr Erier detits before cindits: Interest on the note was payable at maturity. fac-month, 12% promissory note to L\&T Bank on October 1,2021 , to provide working capital Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's recelvable on October i, 2021. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated 2021, the adjusting entry at December 31, and payment of the note at maturity. Complete this question by entering your answers in the tabs below. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 , "No journal entry required" in the first account fieyment of the note at maturity. (If no entry is required for a transaction/event, select. Journal entry worksheet Record payment of the note payable. Note. Emler debiti before credits. for year-end production, Blanton issueduct manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital Required: 1. Prepare the journai entries to record (a) the issuance of the note by Blanton Plastics and (b) L\&T Bank's receivable on October 1 , 2021 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31,2022. 3. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12\% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 , Complete this question by entering your answers in the tabs below. Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 12% is the bank's Stated discount rate. (b) What would be the effective interest rate? (Oo not round intermediate calculations and round your final answer to 1 decimal blace.)