On July 8, Jones Inc. issued an $88,500, 8%, 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. $7,080 Ob. 3452 c. $904 Od. $1,356