Question 4 Not yet and Marked out of 6.00 On May 1 Laila Industnes issued 9-month notes in the amount OR60 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 39 January 31 I Flag question 2 1096 October 31 3 9 June 30 December 31 4 139 Then? 1)Assumption 1 Interest expense is OR3.6 million O True False OR2.5 million 2)Assumption 2 Interest expense True CFalse 3)Assumption 3 Interest expense is OR4.5 million CFalse True 4)Assumption 4 Interest expense is OR5.2 million True False