Assume That on July 1, 2012, Togo's Issues a $2 $\quad$

Assume that on July 1, 2012, Togo's issues a $2 million, one-year note. Interest is payable at maturity. 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 $\quad$ Fiscal Year-End
1. $8 \% \quad\quad\quad$ December 31
2. $9 \% \quad\quad\quad$ September 30
3. $6 \% \quad\quad\quad$ October 31
4. $7 \% \quad\quad\quad$ January 31