Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2024, to provide working capital for antidpated expansion. Precision signs a one year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. Required: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. 3. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes recelvable for Midwest Bank. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the Journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (Oo not round intermediate calculations. If no entry is tequired for a transaction/event, select "No Journal Fntry Required" in the first account fleld. Fnter your answers in dollars, not in millions. - transacton/event, select "No Journal Entry Required in the - For example, $5.5 million should be entered as 5,500,000.)