value 4.00 points Exercise 13-3 Short-term notes [LO13-2] The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2016 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 $25.5 million at the bank's prime rate Feb.1 Arranged a three-month bank loan of $4.6 million with Parish Bank under the line of credit agreement interest at the prime rate of 8% was payable at maturity May 1 Paid the 8% note at maturity Dec.1 Supported by the credit line, issued $15.6 million of commercial paper on a nine-month note Interest was discounted at issuance at a 7% discount rate 31 Recorded any necessary adjusting entry(s) 2017 Sept.1 Paid the commercial paper at maturity Required Prepare the appropriate journal entries through the maturity of each liability 2016 and 2017. (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.) View transaction list Import a new list 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 $25.5 million at the bank's prime rate 1 renewed credit is Arranged a three-month bank loan of $4.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 8% was payable at maturity 2 3 Paid the 8% note ai maturity 4 Supported by the credit line, issued $15.6 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 7% discount rate. Record necessary adjusting entry to accrue interest on December 31. 5 6 Record interest on commercial paper in 2017