#13 and #14

On June 8, Williams Company issued an $84,421, 7% , 120-day note payable to Brown Industries. Assuming a 360-day vear for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. 84, 421x701206o 84,21 419 69:82 , 391 a. $86.391 b. $90,330 c. $5,909 d. $84,421 13. MC.10.44.ALGO (Algorithmic) On July 8, Jones Inc. issued an $89,300, 12 % , 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar a. $685 b. $1,370 c. $10,716 d. $2,055 14. MC.10.45.ALGO (Algorithmic) On June 1, Davis Inc. issued an $85,700, 9% , 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a. $1,950 b. $643 c. $1,286 d. $7,713 15. MC.10.47.ALGO (Algorithmic) Martinez Co. borrowed $58,726 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should