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On June 1, Davis Inc. issued an $73,100, 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 $73,100, 11%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar.
a.$1,340
b.$8,041
c.$2,033
d.$670
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