Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $$40\mathrm{.}1$ million cash on October $1,2024,$ to provide working capital for anticipated expansion. Precision signs a one$-$year, $9\%$ promissory note to Midwest Bank under a prearranged short$-$term line of credit. Interest on the note is payable at maturity. Precision Castparts has a December $31$ yearend.

Required:

How will the issuance of the note pryable affect the financial statements of Precision Castparts on October $1,2024?$

How will the accrued interest on the note payable affect the financial statements of Precision Castparts at the end of the fiscal year $($December $31,2024)?$

How will the repoyment of the note and interest on September $30,2025,$ affect the financial statements of Precision Castparts?

Note: Amounts to be deducted should be indicated by a minus sign. Enter your answers in dollars, not in millions $($i$.$e$.,$ $$5\mathrm{.}5$ million should be entered as $$5,500,000).$

Complete this question by entering your answers in the tabs below.

October $01$

December $31$

$2024$

$2024$

September $30$

How will the issuance of the note payable affect the financial statements of Precision Castparts on October $1,2024?$

$\backslash$table$[[$Balance Sheet,Income Statement$],[$Assets$,$Liabilities,Stockholders' Equity,Revenues,Expenses,Net Income$],[$Common Stock,Retained Earnings$],[$Cash$,$$$,40,100,000,$Notes Payable,$$40,100,000,,,,],[,,,,,,,,,]]$

Oetober tet $2024$

December $312024$