2)

On July 1, 2018, Ross-Livermore Industries issued nine-month notes in the amount of $900 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: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Fiscal year ends	Principal (million)	X	Rate		X	Time	=	Interest Expense
December 31, 2018	$900	x	14	%	x		=		million
September 30, 2018	$900	x	12	%	x		=		million
October 31, 2018	$900	x	12	%	x		=		million
January 31, 2019	$900	x	8	%	x		=		million