week 4 E13-2 - 12% December 31 2. 10% September 30 3. 9%...

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E 13-2 Determining accrued interest in various situations LO2 LO3 On July 1, 2006, Ross-Livermore Industries issued nine-month notes in the amount of $200 million. Interest is payable at maturity.
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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 Fiscal Year-End 1.
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Unformatted text preview: 12% December 31 2. 10% September 30 3. 9% October 31 4. 6% January 31 1. Interest rate Fiscal year-end Interest expense 12% December 31 $ 12 million 2. Interest rate Fiscal year-end Interest expense 10% September 30 $ 5 million 3. Interest rate Fiscal year-end Interest expense 9% October 31 $ 6 million 4. Interest rate Fiscal year-end Interest expense 6% January 31 $ 7 million...
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This note was uploaded on 03/30/2010 for the course COB ACCY 202 taught by Professor Shapland during the Spring '10 term at University of Illinois, Urbana Champaign.

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week 4 E13-2 - 12% December 31 2. 10% September 30 3. 9%...

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