Please help me Requlred Information(The following information applies to the questions displayed below]Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9%promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturityEach firm has a December 31 year-end.3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity. (Do not roundIntermedlate calculations. If no entry ls requlred for a transaction/event, select "No Journal Entry Requlred" In the first accountfleld. Enter your enswers In dollars, not In mllllons. For example, $5.5 milon should be entered as 5,500,000.)View transaction listJournal entry worksheet21Record the receipt of cash at maturity for Midwest Bank.Note Entr delits berire ceditDateGeneral JournalDetatCreditSeptember 30. 2022 Required Informetion(The following information applies to the questions displayed below.)Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9%promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity.Each firm has a December 31 year-end.3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity. (Do not roundIntermedlate calculations. If no entry Is requlred for a transacetion/event, select "No Journal Entry Required" In the first accountfleld. Enter your answers In dollars, not In mililons. For exomple, $5.5 millon should be entered es 5,500,000.)View transaction listJournal entry worksheetRecord the repayment of the note at maturity for Precision Castparts.Not EnterdetR betar retDateGeneral JournalDebitCreditSeptember 30, 2022

Formulas that are used:- For Precision Castparts:- For Midwest Bank:-

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity Each firm has a December 31 year-end

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.7 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity Each firm has a December 31 year-end

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 30E

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