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The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds fiscal year ends on December 31. 2013 Jan.13 Negotiated a revolving credit agreement

The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds fiscal year ends on December 31.

2013
Jan.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 $29.0 million at the banks prime rate.

Feb.1

Arranged a three-month bank loan of $6.0 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.
Dec.1

Supported by the credit line, issued $16.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate.

31 Recorded any necessary adjusting entry(s).
2014
Sept.1 Paid the commercial paper at maturity.

Required:

Calculate the total interest payable through maturity also calculate the interest payable for the year ended December 31, 2013 and December 31, 2014.

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