Exercise 13-3 (Algo) Short-term notes [LO13-2] The following selected transactions relate to liabilities of United Insulation Corporation, United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $28.5 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $5.8 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. May 1 Paid the 10% note at maturity. Dec. 1 Supported by the credit line, issued $17.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9 discount rate. 2022 31 Recorded any necessary adjusting entry(s). Sept. 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Date General Journal 1 Jan 13, 2021 No journal entry required 2 Feb 01, 2021 Cash Notes payable ' 3 May 01, 2021 Notes payable Interest expense Cash Debit Credit 2,000,000 2,000,000 2,000,000 65,000 2,065,000