Hi, please help with attached questions, thanks so much. Exercise 13-3 (Static) Short-term notes [LO13-2]The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31.2021Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amountavailable under the line of credit is $20 million at the bank's prime rate.Feb.1 Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the primerate of 10% was payable at maturity.1 Paid the 10% note at maturity.MayDec. 1 Supported by the credit line, issued $10 million of commercial paper on a nine-month note. Interest was discounted atissuance at a 9% discount rate.31 Recorded any necessary adjusting entry(s).2022Sept. 1 Paid the commercial paper at maturity.Required:Prepare the appropriate journal entries through the maturity of each liability. (Do not round Intermediate calculations. If no entry isrequired for a transaction/event, select "No journal entry required" In the first account fleld. Enter your answers in whole dollars.)View transaction listJournal entry worksheet<1 2Record a revolving credit agreement negotiated with Parish Bank that can berenewed annually upon bank approval. The amount available under the line ofcredit is $20 million at the bank's prime rate.3 4 5 6 7Note: Enter debits before credits.DateJan 13, 2021Record entryGeneral JournalClear entryDebitCreditView general journal Exercise 13-3 (Static) Short-term notes [LO13-2]The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31.2021Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amountavailable under the line of credit is $20 million at the bank's prime rate.Feb. 1 Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the primerate of 18% was payable at maturity.May 1 Paid the 10% note at maturity.Dec. 1 Supported by the credit line, issued $10 million of commercial paper on a nine-month note. Interest was discounted atissuance at a 9% discount rate.31 Recorded any necessary adjusting entry(s).2022Sept. 1 Paid the commercial paper at maturity.Required:Prepare the appropriate journal entries through the maturity of each liability. (Do not round Intermediate calculations. If no entry isrequired for a transaction/event, select "No journal entry required" In the first account fleld. Enter your answers in whole dollars.)View transaction listRecord a three-month bank loan of $5 million with ParishBank under the line of credit agreement. Interest at theprime rate of 10% was payable at maturity.3 Record the payment of the 10% note at maturity.24Record the issuance of $10 million of commercial paperon a nine-month note, supported by the credit line.Interest was discounted at issuance at a 9% discountrate.5 Record necessary adjusting entry to accrue interest onDecember 31.6 Record interest on commercial paper in 2022.Note := journal entry has been enteredRecord entryClear entrycan bee line ofCreditView general journal

Commercial paper is one of the instruments which represents a debt instrument, these instruments are…

Required: Prepare the appropriate journal entries through the maturity of each liability. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers in whole dollars.)