22 Assume that on July 1, 2021. Togo's Sandwiches issues a $2.53 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 colculations. Round your answers to the nearest dollar amount.) ebook 1 2 3 Interest Rate Fiscal Year End 91% December 31 105 September 30 5% October 31 7 January 31 Interest Expense 5 113,850 5 63 250 5 42.167 S 103308 4 24 Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring. Customers have complained that one of the products results in excessive cracking. The likelihood the company will incur a loss on this product is probable and the amount of the loss is estimated to be somewhere between $1.3 and $5 million 1. Should this contingent liability be reported, disclosed in a note only, or both? eBook To be reported To be disclosed O Both 2 What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions.) Lombe reporter $ 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) Libythe reported s 4. What entry, if any, should be recorded? (If no entry is required for a particular transaction event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions.) Viewraction in Journal entry worksheet Record the contingent say it needed Transaction General Journal Dobit Credit 24 Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring. Customers have complained that one of the products results in excessive cracking. The likelihood the company will incur a loss on this product is probable and the amount of the loss is estimated to be somewhere between $13 and $5 million 1. Should this contingent liability be reported disclosed in a note only, or both? eBook To be reported To be disclosed O Both 2. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions Lons to be reported $ 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) so be reported 5 4. Whet entry, if any, should be recorded if no entry is required for a particular transaction levent, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in milions.) View transaction Bat Journal entry worksheet A Record the contingent liability it needed Transaction Canal Journal Debit Credit 22 Assume that on July 1, 2021, Togo's Sandwiches issues a $253 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 millons. Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) 1 eBook 2 3 Interest Rate Fiscal Year End 0% December 31 10 September 30 5 October 31 25 January 31 interest Expense 113.850 5 03.250 $ 42.167 3 103,300 4