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On January 1, 2020, Cookie Ltd. receives a four-year, $100,000 zero-interest-bearing note. The market interest rate for similar notes is 5%. The company reports under

On January 1, 2020, Cookie Ltd. receives a four-year, $100,000 zero-interest-bearing note. The market interest rate for similar notes is 5%. The company reports under IFRS and has a December 31 year-end. Interest income to be recognized for calendar 2021 will be (Note: Find the nearest amount.)

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