On July 8, Jones Inc. issued an $73,700, 10%, 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 the current fiscal year? When required, round your answer to the nearest dollar. O $471 $942 O $7,370 O $1,413

On July 8 , Jones Inc, issued an $73,700,10%,120-day note payable to Miller Company. Assume that the fisca year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones the current fiscal year? When required, round your answer to the nearest dollar. $471 5942 $7,370 $1,413