Business, 21.04.2020 22:51 sarah1tice

On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? a. $1,200.00 b. $106.67 c. $306.67 d. $400.00

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On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fisca...

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