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On January 1, 2020, Jackson Company borrowed $187,825 from First national Bank, signing a zero- interest-bearing note for $250,000. The note is to be repaid

On January 1, 2020, Jackson Company borrowed $187,825 from First national Bank, signing a zero- interest-bearing note for $250,000. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 10%. What amount of interest expense should Jackson recognize in 2020? $25,000 $75,000 $18,783 $56,350

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