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Brief Exercise 13-3 Determining accrued interest [LO2] On July 1, Orcas Lab issued a $100,000, 11%, 6-month note. Interest is payable at maturity. What is

Brief Exercise 13-3 Determining accrued interest [LO2]

On July 1, Orcas Lab issued a $100,000, 11%, 6-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?

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