Problem 13-1 Bank loan; accrued interest (LO13-2) Blanton Plastics, a household plastic product manufacturer, borrowed $7 million cash on October 1, 2018, to provide working capital for year-end production. Blanton issued a four-month, 15% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1 2018 2. Prepare the journal entries by both firms to record all subsequent events related to the note through January 31, 2019 3. Suppose the face amount of the note was adjusted to include interest a noninterest bearing note) and 15% is the bank's stated discount rate. (a) Prepare the journal entries to record the issuance of the noninterest-bearing note by Blanton Plastics on October 1 2018, the adjusting entry at December 31, and payment of the note at maturity (b) What would be the effective interest rate? Complete this question by entering your answers in the tabs below. Reg 1 Reg 38 Prepare the journal entries to record (a) the issuance of the note by Hilanten Plastics and (b) LAT Bank receivable on October 1, 2018 (If no entry is required for a transaction/event, select "No joumal entry required in the first account field. Inter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance of the note by Banton Plastics Note Ester debits before credit Dar October 01, 2018 General Journal Dete r ede Record entry Clear entry View general journal Reg 2 >