Required information [The following information applies to the questions displayed below.) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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 October 1 the issuance of the note. (If no entry is required for a transaction/event. 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 Record the issuance of the note by Precision Castparts Note: Enter debits before credits General Journal Debit Credit Date October 01, 2021 Required information [The following information applies to the questions displayed below.) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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, 55.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet