Question: On July 1 2011 Ross Livermore Industries issued nine month not

On July 1, 2011, Ross-Livermore Industries issued nine-month notes in the amount of $400 million. Interest is payable at maturity.

Required:
Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions:


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  • CreatedJuly 02, 2013
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