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 (i.e., 10,000,000 should be entered as 10).)

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 (.e., 10,000,000 should be entered as 10).) x Time = Fiscal Year End: December 31, 2021 September 30, 2021 October 31, 2021 January 31, 2022 Principal (million) $ 600 x $ 600 X $ 600 Interest Rate 14% x 12% | | | | Interest Expense million million million million 11% X $ 600 x 8 % x