On July 1, 2024, LiMa Industries issued ninemonth notes in the amount of $400 million. Interest is
Question:
On July 1, 2024, LiMa Industries issued ninemonth 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 yearend adjusting entry under each of the following independent assumptions:
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1. 2. 3. 4. Interest Rate 12% 10% 9% 6% Fiscal YearEnd December 31 September 30 October 31 January 31
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