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On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $600 million. Interest is payable at maturity. Required: Determine the amount of
On July 1, 2021, Ross-Livermore 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: (Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Fiscal Year End: Principal (million) X Interest Rate x Time Interest Expense December 31, 2021 $ 600 x 14 % x million September 30, 2021 S 600 x 10 % x million October 31, 2021 $ 600 x 9% x million January 31, 2022 $ 600 x 6 % X million
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