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6. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co.Assume that the fiscal year of Alton Co. ends July

6. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co.Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current year?

a. $106.67

b. $306.67

c. $400.00

d. $1,200.00

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