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On June 1, Davis Inc. issued an $67,200, 12%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30.

On June 1, Davis Inc. issued an $67,200, 12%, 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. $672 b. $2,016 c. $1,344 d. $8,064

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