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QUESTION
On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity.
On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? Fill in the Blank 01. (b) September 30? Fill in the Blank 02.
