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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash to expand operations. The loan is made by FirstBanc Corp, under

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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash to expand operations. The loan is made by FirstBanc Corp, under a short-term line of credit arrangement. Trico signs a six-month, 6% 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 transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (.e.5 should be entered as 5,000,000).) Answer is not complete. No General Journal Credit Date August 01, 2021 Cash Notes Payable Debit 20,500,000 20,500,000 512,500 December 31, 202 Interest Expense Interest Payable 512,500 January 31, 2022 Notes Payable Interest Expense Interest Payable 20,500,000 102,500 512,500 21,115,000 Cash

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