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On May 1, 2013, Excel Industries issued 9-month notes in the amount of $300 million....

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Question

Accounting

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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