On June 1, Davis Inc. issued an $69,800, 10%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. Oa. $1,163 Ob. $582 Oc. $6,980 Od. $1,764

On June 1, Davis Inc. issued an $69,800,10%,120 day note payable to Garda Company. Assume that the fiscal year of Garcia ends June 30 . Using a 360-day year, what is the amount of interest revenue recognizod by Garcia in the following year when required, round your answer to the nearest dollar. a. 51,163 b. 5582 c. 36.980 d. 51.764