Question: Question Content Area On July 8 , Jones Inc. issued an $ 8 0 , 0 0 0 , 6 % , 1 2 0

Question Content Area
On July 8, Jones Inc. issued an $80,000,6%,120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year?
a. $4,200
b. $1,400
c. $700
d. $307

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