Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402 $4,824
Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar. CA 5804 Ob $1,219 O $402 $4,824
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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![Print Item
On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year,
what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar.
CA 5804
Ob $1,219
O $402.
$4,824](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F33700354-bff8-4135-ac1a-bbcaa1215400%2F23e4d569-b59d-496b-959a-a073648c7851%2F4rplxp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Print Item
On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using the 360-day year,
what is the amount of interest revenue recognized by Garcia in the following year? Round your answer to the nearest whole dollar.
CA 5804
Ob $1,219
O $402.
$4,824
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