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kittykat5105
kittykat5105
07.11.2019 • 
Business

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 bank’s prime rate. feb. 1 arranged a three-month bank loan of $4.5 million with parish bank under the line of credit agreement. interest at the prime rate of 6% was payable at maturity. may 1 paid the 6% note at maturity. dec. 1 supported by the credit line, issued $15.3 million of commercial paper on a nine-month note. interest was discounted at issuance at a 5% discount rate. 31 recorded any necessary adjusting entry(s).prepare the appropriate journal entries through the maturity of each liability 2018 and 2019. (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.)1. record a revolving credit agreement negotiated 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.

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