On January 2, 2021, the Midwestern Steam Gas Corporation purchased industrial equipment. In payment, Midwestern signed a noninterest-bearing note requiring $40,000 to be paid on December 31, 2022 (two years later). If Midwestern had borrowed cash to buy the equipment, the bank would have required an interest rate of 8% What is the cost of the equipment? $34,294 $36,935 $40,000 $35,383 Activate Windows