Assume that on July 1, 2021, Togo's Sandwiches issues a $2.02 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: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
Interest Rate Fiscal Year-End Interest Expense
1. 8 % December 31
2. 9 % September 30
3. 6 % October 31
4. 7 % January 31
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