Homework Answers
Answer:
| Interest Rate | Fiscal year end | Interest Expense | |
| 1 | 9% | December 31 | $ 34,200 |
| 2 | 6% | August 31 | $ 7600 |
| 3 | 12% | October 31 | $ 30,400 |
Explanation:
1) $ 760,000 × 9% × 6/12
= $34,200 ( jun- dec , 6 month)
2) $ 760,000 × 6% × 2/ 12
= $ 7600 ( jun - aug , 2 months)
3) $ 760,000 × 12% × 4/ 12
= $ 30,400 ( jun - oct , 4 month)
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