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On August 1, 2021, Trico Fechnologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under
On August 1, 2021, Trico Fechnologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit antangement. Trico signs a six-month. 9% promissory note. Interest is payable at maturity. FirstBanc Corp's year-end is. December 31 . Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transactionlevent, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
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