Exercise 8-5A Determine interest expense (L08-2) OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $5.3 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: (Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Interest Expense 1 Interest 12% 10% 2. Fiscal Year End December 31 September 30 October 31 January 31 3. 4 6%