Question: On July 1 , Orcas Lab issued a $ 1 6 5 , 0 0 0 , 1 2 % , eight - month note.

On July 1, Orcas Lab issued a $165,000,12%, eight-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31?(b) September 30?
a. December 31
b. September 30
On July 1, Orcas Lab issued a $165,000,12%, eight-month note. Interest

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