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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 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 $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-terr line of credit arrangement. 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 transaction/event, 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).) Answer is not complete. No Goneral Journal Credit Date August 01, 2021 Cash Notes Payable Debit % 21,000,000 21,000,000 787,500 2 December 31, 202 Interest Expense Interest Payable 787,500 January 31, 2022 Notes Payable Interest Payable Interest Expense 21,000,000 787,500 157,500 Prow 5 of 8 Next >

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