Exercise 13-2 (Algo) Determining accrued interest in various situations [LO13-2] On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $600 million. 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: Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10.) Fiscal Year End: December 31, 2024 September 30, 2024 October 31, 2024 January 31, 2025 Principal (million) $ $ $ $ X 600 X 600 X 600 X 600 X Interest Rate 10 % 8 % 8% 6 % Xx X X x X Time = || || || || Interest Expense million million million million

Exercise 13-2 (Algo) Determining accrued interest in various situations [LO13-2] On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $600 million. 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: Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10.)