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The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit
The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds fiscal year ends on December 31.
2024
| January 13 | Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $22.0 million at the banks prime rate. |
|---|---|
| February 1 | Arranged a three-month bank loan of $3.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. |
| May 1 | Paid the 10% note at maturity. |
| December 1 | Supported by the credit line, issued $15.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate. |
| December 31 | Recorded any necessary adjusting entry(s). |
2025
| September 1 | Paid the commercial paper at maturity. |
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