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On July 1, Alton Co. issued an $71,200, 7%, 120-day note payable to Seller Co. ends July 31. Using a 360-day year in your calculations,
On July 1, Alton Co. issued an $71,200, 7%, 120-day note payable to Seller Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar.
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