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What is the amount of interest expense recognized

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Question - On July 1, Alton Co. issued an $68,500, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year?

Reference no: EM133092366

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