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On August 1, 2021, Trico Technologles, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under
On August 1, 2021, Trico Technologles, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term IIne of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end Is December 31. Required: 1.-3. Record the necessary entries In the Journal Entry Worksheet below for Trico Technologles. (If no entry Is required for a partlcular transaction/event, select "No Journal Entry Requlred" In the first account fleld. Enter your answers In dollars, not In millilons (l.e. 5 should be entered as 5,000,000).)
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