Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.5 mi

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Precision Castparts A Manufacturer Of Processed Engine Parts In The Automotive And Airline Industries Borrows 40 5 Mi 1 (197.54 KiB) Viewed 80 times

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.5 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 7% 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. 2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)