1) Assume that on July 1, 2021, Togo's Sandwiches issues a $1.91 million, one-year note. Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

2)

The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December 31.

January		26		Negotiated a line of credit with City Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $8.80 million at the bank's prime rate.
March		1		Arranged a six-month bank loan of $350,000 with City Bank under the line of credit agreement. Interest at the prime rate of 7% is payable at maturity.
September		1		Paid the 7% note at maturity.

Record the appropriate entries, if any, on January 26, March 1, and September 1. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

3)