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On June 1, Davis Inc. issued an $78,600, 10%, 120-day note payable to Garcia Company...

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Accounting

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On June 1, Davis Inc. issued an $78,600, 10%, 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. a. $655 b. $1,310 C. $7,860 d. $1,987

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