Question 5 (12 points) On May 1, Lectric Industries issued 9-month notes in the amount...
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Question 5 (12 points) On May 1, Lectric Industries issued 9-month notes in the amount of $60 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 8% 10% 9% 13% Fiscal Year-End January 31 October 31 June 30 December 31 2. 3
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