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On June 8, Alton Co. issued an $60,800, 12%, 120-day note payable to Seller Co....

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Accounting

On June 8, Alton Co. issued an $60,800, 12%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar.

$7,296

$1,986

$608

$1,216

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