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On July 8, Jones Inc. issued an $67,500, 7%, 120-day note payable to Miller Company....

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Accounting

On July 8, Jones Inc. issued an $67,500, 7%, 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? When required, round your answer to the nearest dollar.

a.$302

b.$604

c.$906

d.$4,725

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