Multiple Choice
On June 1, Davis Inc. issued an $84,000, 5%, 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 (rounded) recognized by Garcia in the following year?
A) $700
B) $1,600
C) $1,062
D) $4,200
Correct Answer:
Verified
Correct Answer:
Verified
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