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  3. 11.on june 1, davis inc. issued an $60,000, 12%, 1

11.On June 1, Davis Inc. issued an $60,000, 12%, 120-day note payable to Garcia Company....

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Accounting

11.On June 1, Davis Inc. issued an $60,000, 12%, 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 (rounded) recognized by Garcia in the following year?

12.Anderson Co. issued a $49,608, 60-day, discounted note to National Bank. The discount rate is 7%. At maturity, assuming a 360-day year, the borrower will pay

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