On June 1, Davis Inc. issued an $84,700, 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. $706 Ob. $2,141 Oc. $8,470 Od. $1,412

On June 1, Davis Ine. issued an $84,700,10%,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. a. $706 b. 52.141 c. 58470 d. $1/412