2 nts eBook Exercise 8-5A Determine interest expense (LO8-2) OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $6 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: (Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Interest Rate Fiscal Year-End Interest Expense 1. 11% December 31 Hint 2 9% September 30 3. 10% October 31 Print 4. 7% January 31 References