Question

ved On July 1, 2021, Ross Livermore Industries issued nine month notes in the amount of $800 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 millions (ie., 10,000,000 should be entered as 10).) Fiscal Year End: Interest Rate * Time - Interest Expense Principal million) $ 800 $ 800 x million December 31, 2021 September 30, 2021 October 31, 2021 January 31, 2022 million $ 800 x 800 X million million

Answer 1

Please enter the time in the REquired formate. Don't Enter Time with Brackets

Principal X Interest Rate X Times 800 X 800 X 800 X 800 X =Interest Expenses (or)Times 48 Millions 6 Months Fiscal Year End 12% X (6/12) 11%X (3/12) 9% X(4/12) 6% X (7/12) December 31,2021 Sepember 30,.2021 October 31,2021 = 22 Millions 3 Months 24 Millions4 Months 28 Millions 7 Months January 31,2022