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On May 1, 2013, Excel Industries issued 9-month notes in the amount of $300 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 Fiscal Year End
1. 13% December 31
2. 10% October 31
3. 9% June 30
4. 7% January 31
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