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On Apnil 1, 2023, Vhi Walker receives a five-year. 2% interest-bearing loan of $98,000 from...

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Accounting

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On Apnil 1, 2023, Vhi Walker receives a five-year. 2% interest-bearing loan of $98,000 from his employer thas he uses to punchase investments. Five annual payments of 519,600 pitus interest are reguired to be made beginning December 31,2023 . Assume that Vini could not have berowed at that interest rate and that the prescribed interest ranes for 2023 are as follows Yew the prnsoriked interest rates. What is the amourt of the taxable employment benefla that will be required to be included in his 2023 empleyment income as a mesult of this loan? Base any calculstons on a ruarterly basis raber than the number of days. Assume that any interest payable on the loan is paid by each required annual repaymert dale. A. $2,695 a. 24,165 c. $980 D. $1,470 Prescribed Interest Rates

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