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Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.94 million, one-year note. Interest is payable at maturity. Determine the amount of Interest expense
Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.94 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.) Interest Rate Interest Expense 8% 9% Fiscal Year- End December 31 September 30 October 31 January 31 Septem 6 % 7%
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