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Assume that on July 1, 2021, Togo's Sandwiches issues a $1.17 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 $1.17 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 Fiscal Year- Inter Expense 8 % 10% 6 % 7 % End December 31 September 30 October 31 January 31
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