?Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $$40\mathrm{.}5$ ?million cash on

October $1,2024,$ ?to provide working capital for anticipated 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. Precision Castparts has a December $31$ ?year$-$

end.

Required:

How will the issuance of the note payable 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 repayment 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 $31$

September $30$

$2024$

$2024$

$2025$

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