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coldgirl [10]
3 years ago
13

OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the

airline industry. Assume that on July 1 the company issues a one-year note for the amount of $5.3 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 dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
Business
1 answer:
timofeeve [1]3 years ago
4 0

Answer:

the question is incomplete, so I looked for a similar one online:

December 31, year 1:

interest expense = $5,300,000 x 12% x 6/12 = $318,000

September 30, year 1:

interest expense = $5,300,000 x 10% x 3/12 = $132,500

October 31, year 1:

interest expense = $5,300,000 x 9% x 4/12 = $159,000

January 31, year 2:

interest expense = $5,300,000 x 6% x 7/12 = $185,500

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