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What amount of interest expense should be included

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Problem - On January 1, 2019, Onslow Company borrowed $360,000 from a major customer evidenced by a non-interest-bearing note due in 3 years. Onslow agreed to supply the customer's inventory needs for the loan period at lower than market price. At the 12% imputed interest rate for this type of loan, the present value of the note is $255,000 at January 1, 2019. What amount of interest expense should be included in Onslow's 2019 income statement?

Reference no: EM132888748

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