On July 1, Orcas Lab issued a $280,000, 8%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30 Life.com issued $15 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 11% discount rate. Complete the below table to calculate the effective interest rate on the commercial paper. (Do not round intermediate calculation. Enter your answers in whole dollars. Round "Annual Effective Rate" to 1 decimal place. (i.e., 0.123 should be entered as 12.3).) Answer is not complete. Principal Annual Rate Time Discount Calculation of discount $ 15,000,000 % X 9/12 9- month rate Conversion Factor Annual Effective Rate = 0 % 12/9 % Discount Proceeds In Lizzie Shoes' experience, gift cards that have not been redeemed within 12 months are not likely to be redeemed. Lizzie Shoes sold gift cards for $19,500 during August 2021. $5,000 of cards were redeemed in September 2021, $3,390 in October, $3,080 in November, and $2,380 in December 2021. In 2022 an additional $1,250 of cards were redeemed in January and $680 in February. How much gift card revenue associated with the August 2021 gift card sales would Lizzie get to recognize in 2021 and 2022? Revenue Year 2021 2022