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On July 8, Jones Inc. issued an $80,000,6%,120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31 .

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On July 8, Jones Inc. issued an $80,000,6%,120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31 . Using the 360 -day year, what is the amount of interest expense recognized by Jones in the current fiscal year

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