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please complete all required entries The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan.
please complete all required entries
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving oredit agreenent with Parinh Bank that can be renewed annually upon bank approval. The anount available under the 1ine of oredit is $34.0 mililion at the bank's prime rate. Feb. I Arranged a three-month bank loan of $10.0milij. with parish bank under the line of oredit agreenent. Interest at the prime rate of 101 was payable at maturity. May 1 Pald the 10 note at maturity. Dee. I Supported by the oredit line, isaued $19,0 million of comseroial paper on a nine-month note. Interent was discounted at issuance at a 91 discount rate. 202231 Recorded any necessafy adjuating entry(e). Sept. I Paid the comercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) Journal entry worksheet 234567> Record a revolving credit agreement negotiated with Parish Bank that can be renewed annually upon bank approval. The amount avallable under the line of credit is $34.0 million at the bank's prime rate. Note: Enter debits before credits Step by Step Solution
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