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OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the...

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Accounting

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OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $4.9 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: (Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000)) Interest Rate Fiscal Year-End Interest Expense 10% December 31 11 % | September 30 2. 3. 4. October 31 6% January 31 References eBook & Resources

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