On august 1, 2021, trico technologies, an aeronautic electronics company, borrows $20.6 million cash to expand operations. the loan is made by firstbanc corp. under a short-term line of credit arrangement. trico signs a six-month, 6% promissory note. interest is payable at maturity. firstbanc corp.’s year-end is december 31.
required:
1. record the issuance of note.
2. record the adjustment for interest.
3. record the repayment of the note at maturity.
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On august 1, 2021, trico technologies, an aeronautic electronics company, borrows $20.6 million cash...
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