Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows...
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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2018, 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 value: Required information 5.00 points Required 1. Prepare the journal entries on October 1, 2018, to record the issuance of the note. (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 (i.e., $5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet Record the issuance of the note by Precision Castparts
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