What amount of interest income should ms garcia recognize, Accounting Basics

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What amount of interest income should ms garcia recognize

Problem

On January 1, 2024, Donna Garcia loaned $192100 to Kenneth Lee. A zero-interest-bearing note (face amount, $242000) 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 8%. The present value of $242000 at 8% for three years is $192107. What amount of interest income should Ms. Garcia recognize in 2024?

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