the following selected transactions relate to liabilities ofunited insulation corpor 3714223

The following selected transactions relate to liabilities ofUnited Insulation Corporation. United’s fiscal year ends onDecember 31. 2016 Jan.13 Negotiated a revolving credit agreementwith Parish Bank that can be renewed annually upon bank approval.The amount available under the line of credit is $22.0 million atthe bank’s prime rate. Feb.1 Arranged a three-month bank loan of$3.0 million with Parish Bank under the line of credit agreement.Interest at the prime rate of 10% was payable at maturity. May 1Paid the 10% note at maturity. Dec.1 Supported by the credit line,issued $15.0 million of commercial paper on a nine-month note.Interest was discounted at issuance at a 9% discount rate. 31Recorded any necessary adjusting entry(s). 2017 Sept.1 Paid thecommercial paper at maturity. Required: Prepare the appropriatejournal entries through the maturity of each liability 2016 and2017. (If no entry is required for a transaction/event, select “Nojournal entry required” in the first account field. Do not roundintermediate calculations. Enter your answers in wholedollars.)

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