On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year?
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Depends on if Wyle E. Coyote (SUper-genius) has caught the Road runner or not yet? -
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