The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. May 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 $20 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. 1 Paid the 10% note at maturity. Dec. 1 Supported by the credit line, issued $10 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). 2022 Sept. 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Answer is complete but not entirely correct. 3 3 May 01, 2021 Notes payable Interest expense 5,000,000 125,000 Cash 5.125.000 4 Dec 01, 2021 Cash Discount on notes payable Notes payable 10,750,000 750,000 $ 10.000.000 5 Dec 31, 2021 Interest expense Discount on notes payable 750,000 750,000 6 Sep 01, 2022 Interest expense Discount on notes payable 6,750,000 X 6,750,000 7 Sep 01, 2022 Notes payable 10,000,000 Cash 10,000,000