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Determine the amount of interest expense that should be


On July 1, 2011, Ross-Liver more Industries issued nine-month notes in the amount of $400 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:

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Accounting Basics: Determine the amount of interest expense that should be
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