Question

help, urgent
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 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 $20.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $3.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. May 1 Paid the 10% note at maturity. Dec. 1 Supported by the credit line, issued $13.6 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% 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. (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.)

Answer 1

4	Dec 01,2021	Cash	$ 12,682,000.00
		Discount on Notes payable	$     918,000.00
		Notes payable		$ 13,600,000.00
5	Dec 31,2021	Interest Expense	$     102,000.00
		Discount on Notes payable		$     102,000.00
6	Sep 01,2022	Interest Expense	$     816,000.00
		Discount on Notes payable		$     816,000.00
7	Sep 01,2022	Notes Payable	$ 13,600,000.00
		Cash		$ 13,600,000.00

The netries for Sl. No. 1,2 and 3 were not mentioned in my answer because they were right and i had answered the remaining entries

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