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On August 1, 2024, Trico Technologles, an aeronautic electronics company, borrows $19.3 million cash to expand operations. The loan Is made by FirstBanc Corporation under
On August 1, 2024, Trico Technologles, an aeronautic electronics company, borrows $19.3 million cash to expand operations. The loan Is made by FirstBanc Corporation under a short-term IIne of credit arrangement. Trico signs a slx-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corporation's year-end is December 31. Required: 1. to 3. Record the necessary entrles In the Journal Entry Worksheet below for FirstBanc Corporation. (If no entry Is requlred for a partlcular transaction/event, select "No Journal Entry Requlred" In the flrst account fleld. Enter your answers In dollars, not millions (I.e. 5.5 million should be entered as 5,500,000 ).)
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