Exercise 8-5A Determine interest expense (LO8-2) 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 $5.7 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 Rate Interest Expense 1. 2. 3. 4. 11% 9% 10% 7% Fiscal Year- End December 31 September 30 October 31 January 31