Bank note issuance, On September 1, 2011, Triton

Bank note issuance

Reference no: EM1354126

On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Triton issued a 9-month, 12% promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year.

Required:

a. Prepare the journal entry for the issuance of the note by Triton.

b. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2011.

c. Prepare the journal entry for the payment of the note at maturity.

Reference no: EM1354126

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