Question: Question Content Area On June 1 , Davis Inc. issued an $ 6 1 , 7 0 0 , 9 % , 1 2 0

Question Content Area

On June

1,

Davis Inc. issued an $

61, 700, 9 %, 120 -

day note payable to Garcia Company Assume that the fiscal year of Garcia ends June

30 .

Using a

360 -

day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar.

.

1, 404

.

5, 553

.

463

.

926

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