Precision castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.7 million cash on october 1, 2018, to provide working capital for anticipated expansion. precision signs a one-year, 9% 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.1. record the necessary entry for the scenarios given above.2. record the adjustments on december 31, 2018.3. prepare the journal entries on september 30, 2019, to record payment of the notes payable at maturity.

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)