On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.7 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, 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).)

Please show work on how you got the numbers, thanks!

X Answer is complete but not entirely correct. No General Journal Credit Date August 01, 2021 Notes Receivable Cash Debit 19,700,000 1 19,700,000 738,750 December 31, 204 Interest Receivable Interest Revenue blolobo00 738,750 28,586,500 January 31, 2022 Cash Interest Revenue Interest Receivable 147,750 738,750 19,700,000 Notes Receivable