HdG, Inc. accepts a $500,000,8% note from Aberdeen Unlimited on April 1, 2023, and lends money to Aberdeen. Aberdeen agrees to pay 5 equal annual payments on this note beginning March 31, 2024. The market rate at the date of issuance of this note was 8%. How much Interest Revenue will HdG record on December 31, 2023, the end of its fiscal year?

A HdG will not record Interest Revenue until it receives the first installment payment on this note on March 31, 2024.

B. $30,000

C. $40,000

D. $20,000