The following selected transactions relate to liabilities of United Insulation Corporation United's 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 $30.5 million at the bank's prime rate. Feb 1 Arranged a three. month bank loan of $7.8 million with Parish Bank under the line of credit agreement Interest at the prime rate of 12% was payable at maturity. May 1 the 12% note at maturity. Dec 1 Supposed by the credit line issued $18 0 million of commercial paper on a nine month note. Interest was discounted at issuance at a 11% discount rate. 31 Recorded any necessary adjusting entry(s). 2014 Sept 1 Paid the commercial paper at maturity