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Determining accrued interest in various situations [LO13-2] On July 1, 2013, Ross-Livermore Industries issued nine-month notes in the amount of $400 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: (Do not round intermediate calculations. Enter your answers in millions.) Interest Rate Fiscal Year-End Interest Expense 1. 12% December 31 $ million 2. 10% September 30 $ million 3. 9% October 31 $ million 4. 6% January 31 $ million

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Accounting Basics, Accounting

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