On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.3 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. Tricos year-end is December 31.

Required:

1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (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, thank you! :)

View transaction list View journal entry worksheet No General Journal Credit Date August 01, 2021 Cash Notes Payable Debit 20,300,000 1 20,300,000 December 31, 2021 Interest Expense 761,250 Interest Payable 761,250 3 January 31, 2022 Notes Payable Interest Payable Interest Expense Cash 20,300,000 761,250 152,250 21,213,500