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On July 1, Alton Co. issued an $68,100, 11%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July
On July 1, Alton Co. issued an $68,100, 11%, 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 fiscal year?
A)$1,872
B) $7,491
C) $624
D) 1,248
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