The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds 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 $25.0 million at the banks prime rate.
Feb.		1		Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity.
May		1		Paid the 6% note at maturity.
Dec.		1		Supported by the credit line, issued $15.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 5% discount rate.
		31		Recorded any necessary adjusting entry(s).

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.)

Journal Entries:

1. Jan 13,2021 - Record a revolving credit agreement negotiated with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the banks prime rate

2. Feb 1.2021 - Record a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity.

3. May 1.2021 - Record the payment of the 6% note at maturity.

4. Dec 1 . 2021 - Record the issuance of $15.3 million of commercial paper on a nine-month note, supported by the credit line. Interest was discounted at issuance at a 5% discount rate.

5. Dec 31. 2021 - Record necessary adjusting entry to accrue interest on December 31.

6. Sep 1. 2022 - Record interest on commercial paper in 2022.

7. " " - Record the repayment of commercial paper at maturity.