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Brief Exercise 13-3 (Static) Determining accrued interest (LO13-2] On July 1, Orcas Lab issued a $100,000, 12%, eight-month note. Interest is payable at maturity.
Brief Exercise 13-3 (Static) Determining accrued interest (LO13-2] On July 1, Orcas Lab issued a $100,000, 12%, eight-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 317 (b) September 30? a. December 31 b. September 30
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