OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $6 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 dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Interest Rate Fiscal Year-End Interest Expense 1. 11% December 31 2. 9% September 30 3. 10% October 31 4. 7% January 31 3. 4 Lake Incorporated purchased Huron Company with a negotiated purchase price of $850,000 cash. Book values of acquired assets and liabilities were: Assets: Book Value Cash $60,000 Accounts Receivable 40,000 Inventory 30,000 Property and Equipment Cost 850,000 Accumulated Depreciation (250,000) Liabilities