Branch Corporation issued $20 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 11% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) No Credit Transaction 1 1 Answer is complete but not entirely correct. General Journal Debit Cash 18,423,140 Discount on notes payable 1,576,860 Notes payable 20,000,000 2 2 1,576,860 Interest expense Discount on notes payable 1,576,860 3 20,000,000 Notes payable Cash 20,000,000