On June 30, 2021, Chu Industries issued 9-months notes in the amount of $740000.
Homework Answers
Answers
--Requirements
| Interest rate | Fiscal Year end | Interest Expense | Working | |
| 1 | 10% | Dec-31 | $37,000 | $740000 x 10% x 6/12 |
| 2 | 7% | Aug-31 | $8,633 | $740000 x 7% x 2/12 |
| 3 | 13% | Oct-31 | $32,067 | $740000 x 13% x 4/12 |
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On June 30, 2021, Chu Industries issued 9-months notes
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