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C Corp borrowed $275,000 on October 1, 2020 and is required to pay $282,500 on Feb 28th, 2021 as a non interest bearing note. C

C Corp borrowed $275,000 on October 1, 2020 and is required to pay $282,500 on Feb 28th, 2021 as a non interest bearing note. C corp use straight -line to discount their discount on Notes Payable. What amount is the note payable recorded at on October 1, 2020 and how much interest is recognized from October 1 to December 31, 2020?

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