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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline Industries, borrows $40.4 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one year, 9% 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. Problem 8-2A Part 1 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 os 5,500,000.) View transaction ist Journal entry worksheet Required information Journal entry worksheet Record the acceptance of the note by Midwest Bank. Note: Enter debits before credits. General Journal Debit Credit Date October 01, 2021 Record entry Clear entry View general journal Precision Castparts, a manufacturer of processed engine parts in the automotive and airline Industries, borrows $40.4 million cash on October 1, 2021. to provide working capital for anticipated expansion. Precision signs a one-year, 9% 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. Problem 8-2A Part 2 2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (Do not round intermediate calculations. 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 2 Porreth View transaction list Journal entry worksheet Record the adjusting entry for interest for Precision Castparts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal S Journal entry worksheet Record the adjusting entry for interest for Midwest Bank. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general Journal