Question: On June 1 , Davis Inc. issued an $ 8 5 , 8 0 0 , 7 % , 1 2 0 - day note

On June 1, Davis Inc. issued an $85,800,7%,120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar.

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