On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $1,200 million. Interest...

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On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $1,200 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: Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10.) Fiscal Year End: Principal (million) Interest Rate December 31, 2024 $ 1,200 11 % September 30, 2024 S 1,200 x 8 % * October 31, 2024 S 1,200 7 % January 31, 2025 $ 1,200 x 4 % Time II Interest Expense million million million million On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $1,200 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: Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10.) Fiscal Year End: Principal (million) Interest Rate December 31, 2024 $ 1,200 11 % September 30, 2024 S 1,200 x 8 % * October 31, 2024 S 1,200 7 % January 31, 2025 $ 1,200 x 4 % Time II Interest Expense million million million million