Ch$.13$ Current Liabilities & Contingencies $($i$)$

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$2$

On July $1,2024,$ Li$-$Ma Industries issued nine$-$month notes in the amount of $$600$ million. Interest is payable at maturity.

$4$

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points

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

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10.)$

$\backslash$table$[[$Fiscal Year End:,,,$x,\backslash$table$[[$Interest$],[$Rate$]],,x,$Time,$=,$Interest Expense$],[$December $31,2024,$$$,600,x,10,\%,x,,=,$million$],[$September $30,2024,$$$,600,x,8,\%,x,,=,$million$],[$October $31,2024,$$$,600,x,10,\%,x,,=,$million$],[$January $31,2025,$$$,600,x,6,\%,x,,=,$million$]]$

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