Problem 8-2A (Algo) Record notes payable and notes receivable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.6 million cash on October 1, 2024, 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 company has a December 31 year-end. Required: 1. Prepare the journal entries on October 1,2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. 3. Prepare the journal entries on September 30,2025 , to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Prepare the fournal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journa! 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. Journal entry worksheet Record the repayment of the note and payment of interest at maturity for Precision Castparts. Note: Enter debits before credits. something else I need to tell you. Im expectingl" Required: 1. Complete the first three rows of an amortization schedule. 2. Record the purchose of land with the issuance of a long-term note payable on November 1, 2025. 3-a. Record the first two payments on November 30, 2025, and December 31, 2025. 3-b. Calculate the remaining balance of the note payable as of December 31, 2025. 4. The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $35,787. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current). Complete this question by entering your answers in the tabs below. Complete the first three rows of an amortization schedule. (Do not round your intermediate calculations: Round final answers to the nearest dollar amount.)