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The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends on December 31 January 13 Negotiate a revolving
The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends on December 31 January 13 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon tank approval. The ancunt available under the line of credit is $18 million at the sank's prise rate. February 3 Arrange a three-month bank loan of $3.3 million with First Bank under the line of credit agreement. Interest at the prime rate of this payable at maturity. Required: Pay the 6% note at maturity. Record the appropriate entries, if any, on January 13, February 1, and May 1 f no entry is required for a particular transaction/event select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions e. 5 million should be entered as 5,000,000)) Journal entry worksheet 1 2 negotiate a revolving credit agreement with first bank that can be rend annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime , Date January 13 42 M N S C M 3 3 a 4 E D Cub Cull 3 " 95 command
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