On May 1, Laila Industries issued 9-month notes in the amount of OR50 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: Interest rate Financial Year End 1 9% March 31 2 8% October 31 3 10% July 31 4 13% December 31 Then? 1) Assumption 1 Interest expense Is OR4.125 million O True False 2)Assumption 2 Interest expense is OR2.333 million OFalse True 3)Assumption 3 Interest expense is OR1.667 million OFalse True 4)Assumption 4 Interest expense is OR4.333 million OFalse True