On March 27, 2020, Single Corporation purchased a delivery van from Couple Corporation by issuing a 2-year, $60,000, non-interest-bearing note. The full balance is due in 2 years. Single would normally borrow at a rate of 7%.

Required

For what amount should Single debit the van? Round to the nearest dollar. (6 marks)

What amount should Single record as interest expense on December 31, their year-end? Round to the nearest dollar. (4 marks)