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On January 1, 2024, Susan Moore loaned $193088 to Charlie Anderson. A zero-interest-bearing note (face amount, $257000 ) was exchanged solely for cash; no other
On January 1, 2024, Susan Moore loaned $193088 to Charlie Anderson. A zero-interest-bearing note (face amount, $257000 ) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2026. The prevailing rate of interest for a loan of this type is 10%. The present value of $257000 at 10% for three years is $193088. What amount of interest income should Ms. Moore recognize in 2024? $25700$19308$57925$77100
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