13. On May 1, Lectric Industries issued 9-month notes in the amount of $64.8 mil

Question

13. On May 1, Lectric Industries issued 9-month notes in the amount of $64.8 million. Interest is payable at 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 millions rounded to 1 decimal place (Le., 10,100,000 should be entered as 10.1).) 6% January 31 October 31 June 30 2.9 milliorn 2.6 million 0.8 million 2.1 8% 3. 7% 48|milion 11% December 31 MacBook Ai esc FI F2 F4 F5 F6

Explanation / Answer

a) 64.8 * 6% * 9/12 2.9 million b) 64.8 * 8% * 6/12 2.6 million c) 64.8 * 7% * 2/12 0.8 million d) 64.8 * 11% * 8/12 4.8 million

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