Multiple Choice
On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using the 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year?
A) $1,200.00
B) $1,208.89
C) $1,306.67
D) $1,600.00
Correct Answer:
Verified
Correct Answer:
Verified
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