Question: On July 1 2013 Ross Livermore Industries issued nine month notes in

On July 1, 2013, 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 independentassumptions:
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  • CreatedDecember 23, 2013
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