On January 1, 2017, Schuster, Inc. loaned cash to Williams, Inc. Williams, Inc. signed a zero-interest bearing note with a maturity value of $60,000, due on December 31, 2019. The prevailing rate of interest for a loan of this type is 10%. Schuster and Williams both have December 31 fiscal year-ends.

1. Calculate the cash received by Williams Inc. on January 1, 2017 . Round answer to the nearest dollar, if necessary.

2. Calculate the amount of Interest Expense recorded by Williams, Inc on December 31, 2017, if any. Round answer to the nearest dollar, if necessary.