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Question - The following selected transactions relate to liabilities of United Insulation Corporation. United's ?scal year ends on December 31.
2016 -
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 $22.0 million at the bank's prime rate.
Feb. 1 Arranged a three-month bank loan of $3.0 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 $15.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate.
Dec. 31 Recorded any necessary adjusting entry(s).
2017 -
Sept. 1 Paid the commercial paper at maturity.
Required - Prepare the appropriate journal entries through the maturity of each liability 2016 and 2017.
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