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 $25.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity. May 1 Paid the 6% note at maturity. Dec. 1 Supported by the credit line, issued $15.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 5% discount rate. 31 Recorded any necessary adjusting entry(s). 2022 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.) Answer is not complete. No Date General Journal Debit Credit 1 Jan 13, 2021 No journal entry required 2 Feb 01, 2021 4.200.000 X Cash Notes payable 4,200,000 3 May 01, 2021 Interest expense Notes payable Cash 147,000 X 4,200,000 X 4,347,000 X 4 Dec 01, 2021 Cash Discount on notes payable Notes payable 14,349,750 X 1,550,250 X 15,900,000 5 Dec 31, 2021 172,250 X Interest expense Discount on notes payable 172,250 X 6 Sep 01, 2022 No Transaction Recorded 7 Sep 01, 2022 No Transaction Recorded