What is the amount of interest expense recognized


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?

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Accounting Basics: What is the amount of interest expense recognized
Reference No:- TGS084915

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