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On June 1, Davis Inc. issued an $70,400, 11%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June

On June 1, Davis Inc. issued an $70,400, 11%, 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. a. $1,958 Ob. 57,744 Oc. 3645 Od. $1,291

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