Required 1

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.6 million cash on October 1, 2021, 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. Each firm has a December 31 year end. Required: 1. Prepare the journal entries on October 1, 2021, to record the issuance of the note. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field, Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet he