Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7 million cash October 1,2024, to provide working capital for anticipated eunansion. Precision signs a one-year, 9\% promissory note to Midwest under a prearranged short-term line of credit Interest on the ...ote is payable at maturity. Each company has a December 31 year-er Required: 1. Prepare the journal entries on October 1,2024 , to record (a) the notes payable for Precision Castparts and (b) the notes recelvab for Midwest Bank 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (D) Midwest Bank 3. Prepare the journal entries on September 30,2025 , to record payment of (a) the notes payable for Precision Castparts and (b) th notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Record the adjusting entry on December 31, 2024, for (a) Precision Costparts and (b) Midwest Bank. (Oo not round intermediate calculations, If no entry is required for a transaction/evest, seloct "No Joumal Entry Required" in the first account field. Enter your answersi in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7 million cash October 1,2024, to provide working capital for anticipated eunansion. Precision signs a one-year, 9\% promissory note to Midwest under a prearranged short-term line of credit Interest on the ...ote is payable at maturity. Each company has a December 31 year-er Required: 1. Prepare the journal entries on October 1,2024 , to record (a) the notes payable for Precision Castparts and (b) the notes recelvab for Midwest Bank 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (D) Midwest Bank 3. Prepare the journal entries on September 30,2025 , to record payment of (a) the notes payable for Precision Castparts and (b) th notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Record the adjusting entry on December 31, 2024, for (a) Precision Costparts and (b) Midwest Bank. (Oo not round intermediate calculations, If no entry is required for a transaction/evest, seloct "No Joumal Entry Required" in the first account field. Enter your answersi in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)