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On January 1, 2020, West Co. exchanged equipment for a $325,000.00 zero-interest-bearing note due on January 1, 2022. The prevailing rate of interest for a

On January 1, 2020, West Co. exchanged equipment for a $325,000.00 zero-interest-bearing note due on January 1, 2022. The prevailing rate of interest for a note of this type is 7.50%.
What will be the amount of income recorded on the January 1, 2022 general journal entry?

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