Exercise $8-5($Algo$)$ Determine interest expense $($LO$8-2)$

GH 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 $$5\mathrm{.}5$ million. Interest is payable at

maturity.

Required:

Determine the amount of interest expense that should be reported in the year$-$end income statement under each of the following

independent assumptions: $($Enter your answers in dollars, not millions $($i$.$e$.5\mathrm{.}5$ million should be entered as $5,500,000).)$