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10-Lott Brothers issued 9-month notes in the amount of $57.6 million on May 1. The interest payment is due at maturity. Required: Assuming all the

10-Lott Brothers issued 9-month notes in the amount of $57.6 million on May 1. The interest payment is due at maturity. Required: Assuming all the below are INDEPENDENT situations, what is the amount of interest expense that should be recorded in a year-end adjusting entry? Note: Enter your answers in millions rounded to 1 decimal place (i.e., 10,100,000 should be entered as 10.1).

assumption interes rate fiscal year end interest expense

1 6% january 31 Million

2 8% october 31 Million

3 7% June 30 Million

4 11% December31 Million

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