On January 1, 2020, Brock Co. exchanged equipment for a $100,000 zero-interest-bearing note due on...
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On January 1, 2020, Brock Co. exchanged equipment for a $100,000 zero-interest-bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type at January 1, 2020 was 8%. The present value of $1 at 8% for three periods is 0.79383. What amount of interest revenue (rounded to the nearest dollar) should be included in Brocks December 31, 2020 income statement ________?
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