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Determine the amount of interest expense that be reported

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Question - SK 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 $5.0 million. Interest is payable at maturity. Determine the amount of interest expense that should be reported in the year-end income statement under each of the following independent assumptions:

 

Interest Rate

Fiscal Year-End

Interest Expense

1

12%

December 31

 

2

10%

September 30

 

3

9%

October 31

 

4

6%

January 31

 

Reference no: EM133131900

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