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On July 8, Orozco Inc. issued an $90,000, 6%, 120-day note payable to Gracie Company. Assume that the fiscal year of Orozco ends on July
On July 8, Orozco Inc. issued an $90,000, 6%, 120-day note payable to Gracie Company. Assume that the fiscal year of Orozco ends on July 31. Using the 360-day year, what is the amount of interest expense (rounded) recognized by Orozco in the current fiscal year? S345 $307 $1,400 S4,200
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