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On July 1, Orcas Lab issued a $450,000, 6%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should

On July 1, Orcas Lab issued a $450,000, 6%, 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 December 31?

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