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On June 1, Davis Inc. issued an $64,800, 11%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30.
On June 1, Davis Inc. issued an $64,800, 11%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue (rounded) recognized by Garcia in the following year? a. $7,128 b. $1,782 c. $594 d. $1,188
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