The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December $31.$

January $26$ Negotiated a line of credit with City Bank that can be renewed annually upon bank approval. The amount

available under the line of credit is $$10\mathrm{.}90$ million at the bank's prime rate.

March $1$ Arranged a six$-$month bank loan of $$470,000$ with City Bank under the line of credit agreement. Interest at

the prime rate of $8\%$ is payable at maturity.

September $1$ Paid the $8\%$ note at maturity.

Record the appropriate entries, if any, on January $26,$ March $1,$ and September $1.($Enter your answers in dollars, not in millions. Do

not round intermediate calculations. If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in

the first account field.$)$

Journal entry worksheet

$1$

Negotiated a line of credit with City Bank that can be renewed annually upon

bank approval. The amount available under the line of credit is $$10\mathrm{.}90$ million

at the bank's prime rate. Record appropriate entry if necessary.