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Question Content Area On June 1 , Davis Inc. issued an $ 6 1 , 7 0 0 , 9 % , 1 2 0

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On June 1, Davis Inc. issued an $61,700,9%,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. $1,404
b. $5,553
c. $463
d. $926

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