BA$211$ Final Learning Assessment

Saved

i

Saved

$4$

points

$02$:$50$:$52$

Assume that on July $1,2024,$ Togo's Sandwiches issues a $$1\mathrm{.}14$ million, one$-$year note. 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 dollars, not in millions. Do not round intermediate calculations. Round yc answers to the nearest dollar amount.$)$

$\backslash$table$[[,\backslash$table$[[$Interest$],[$Rate$]],\backslash$table$[[$Fiscal Year$-],[$End$]],\backslash$table$[[$Interest$],[$Expense$]]],[1.,8\%,$December $31,],[2.,9\%,$September $30,],[3.,5\%,$October $31,],[4.,6\%,$January $31,]]$