On July 1, 2016, Ross-Livermore 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: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Fiscal Year Ends: Principal x Rate x Time = Interest Expense
December 31, 2016 $400 x 12 % x = million
September 30, 2016 $400 x 10 % x = million
October 31, 2016 $400 x 9 % x = million
January 31, 2017 $400 x 6 % x = million