On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Tricos year-end is December 31.

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loar is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest payable at maturity. Trico's year-end is December 31. Required: 1. to 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 millions (i.e. 5.5 million should be entered as 5,500,000 ).) Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits