Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39 million
Question:
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39 million cash on October 1, 2015, 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.
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1. | Prepare the journal entries on October 1, 2015, 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.) B)
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Fundamentals of Hydraulic Engineering Systems
ISBN: 978-0136016380
4th edition
Authors: Robert J. Houghtalen, A. Osman H. Akan, Ned H. C. Hwang