On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What

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On July 1, Orcas Lab issued a $100,000, 12%, 8-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?

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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: Jul 02, 2013 06:33 AM

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On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What

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Intermediate Accounting

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