Business, 11.02.2021 20:40 derekmartinez
The following selected transactions relate to liabilities of United Insulation Corporation. Unitedâs fiscal year ends on December 31.
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 $25.0 million at the bankâs prime rate.
Feb. 1 Arranged a three-month bank loan of $2.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity.
May 1 Paid the 13% note at maturity.
Dec. 1 Supported by the credit line, issued $17.6 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 12% 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 2016 and 2017.
Answers: 3
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The following selected transactions relate to liabilities of United Insulation Corporation. Unitedâs...
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