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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Required: 1. Prepare the journal entries on October 1, 2021, 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. For example, $5.5 million should be entered as 5,500,000.) No Date Debit Credit Answer is complete but not entirely correct. General Journal October 01, 2021 Interest Expense 240,000,000 Interest Payable 1 240,000,000 2 800,000 October 01, 2021 Interest Receivable Interest Revenue SA 800,000 $