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On September 1, 2024, Parnell Aerospace borrowed $495,000 from Federal First International Bank. The loan has an 8 year term and a 5% interest rate.

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On September 1, 2024, Parnell Aerospace borrowed $495,000 from Federal First International Bank. The loan has an 8 year term and a 5% interest rate. The loan is an interest-only notes payable with the principal being due in full at the end of the 8 year term. Interest payments are due annually on September 1st. Record the journal entry for the original loan transaction on September 1, 2024. To answer this question, please copy and paste the table, and enter your answers in corresponding cells of the table. You may or may not need all of the rows in the table. DATE DESCRIPTION DEBIT CREDIT

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