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On July 8, Jones Inc. issued an $81,700, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31.

On July 8, Jones Inc. issued an $81,700, 6%, 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 in the current fiscal year? When required, round your answer to the nearest dollar.

a.$313

b.$939

c.$4,902

d.$626

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