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Singer Company has a line of credit with United alank. Singer can borrow up to $419,000 at any time over the courhe of the Yoor
Singer Company has a line of credit with United alank. Singer can borrow up to $419,000 at any time over the courhe of the Yoor 1 colendar yeat. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first three months of Year 1 . Singer agreed to pay imterest at an annual rote equat to 3.50 petcent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last doy of the month. The interest rote is opplied to the outstanding monthly balance. For example, Singer pays 7.00 percent 3.50 percent +3.50 percent) annual interest on 583,700 for the month of January Required Provide all journal entries pertaining to Singer's tine of credit for the first three months of Year 1 . (Plound your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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