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On June 1, Davis Inc. issued an $96,000, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June

On June 1, Davis Inc. issued an $96,000, 6%, 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 recognized by Garcia in the following year? Round your answer to the nearest whole dollar. a. $960 b. $1,456 Oc. $5,760 d. $480

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