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Assume that on July 1 , 2 0 2 1 , Togo's Sandwiches issues a $ 1 . 6 6 million, one - year note.
Assume that on July Togo's Sandwiches issues a $ million, oneyear note. Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a yearend 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.
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