On January 1, 2018, Byner Company purchased a used tractor. Byner paid $4,000 down and signed a noninterest-bearing note requiring $20,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of 5% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. Question The value of the tractor purchased would be: $24.000 O $21.277 $16.000 $20,732 QUESTION 20 On January 1, 2018, Byner Company purchased a used tractor. Byner paid $4.000 down and signed a noninterest-bearing note requiring $20,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of 5% properly reflects the timo value of money for this type of loan agreement. The company's fiscal year-end is December 31. Question Interest expense for 2019 would be: $1,000 $1.117 $864 $907