The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 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 bank's prime rate. Feb. 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 101 was payable at maturity May 1 Paid the 108 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 91 discount rate. 31 Recorded any necessary adjusting entrys) 2022 Sept. 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) ences View transaction list Journal entry worksheet 5 6 7 Record necessary adjusting entry to accrue interest on December 31 Note: Enter debits before credits Date General Journal Debit Credit Record the issuance of $16.0 million of commercial paper on a nine-month note, supported by the credit line. Interest was discounted at issuance at a 9% discount rate. Note: Enter debits before credits. General Journal Credit Date Dec 01, 2021 Cash Discount on notes payable Notes payable Debit 17,080,000 1,080,000 16,000,000 Record entry Clear entry View general Journal Journal entry worksheet Record necessary adjusting entry to accrue interest on December 31. es Note: Enter debits before credits. Debit Credit Date Dec 31, 2021 General Journal Interest expense Discount on notes payable 97,200 97,200 Record entry Clear entry View general Journal Journal entry worksheet