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The following selected transactions relate to liabilities of Company A. Company As fiscal year ends...

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Accounting

The following selected transactions relate to liabilities of Company A. Company As fiscal year ends on December 31.
January 13 Negotiate a revolving credit agreement with Company B that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate.
February 1 Arrange a three-month bank loan of $4.0 million with Company B under the line of credit agreement. Interest at the prime rate of 7% is payable at maturity.
May 1 Pay the 7% note at maturity.
Required:
Record the appropriate entries, if any, on January 13, February 1, and May 1.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e.5 million should be entered as 5,000,000).)

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