On June 1, Davis Inc issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the fiscalyear of Garcia ends June 30 . Using the 360-day year, what is the amount of interest revenue recognized by Garciain the following year?

a. $700
b. $1,600
c. $1,061
d. $4,200

c

Business

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