Answer: Precision journal $
Oct 1,2018
1. Bank Dr 41m
Midwest Bank Cr. 41m
Narration. Issuance of promissory note of $41m, 9% , 1yr promissory note to Midwest for loan.
Dec 31 2018
2. Loan interest Dr 922,500
Midwest Bank Cr 922,500
Narration. Interest due on promissory note of 41m 9% 1 year promissory note as at date.
September 30,2019
Midwest Bank Dr 44,690,000
Bank.Cr. CR 44,690,00
Narration. Payment of 41m, 9 % , 1 yr promissory note to Midwest maturity.