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What is the amount of interest expense

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Question - On July 8, Jones Inc. issued an $88,900, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.

a. $445

b. $889

c. $341

d. $741

Reference no: EM132556423

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